Leasing volume surpasses pre-pandemic averages amidst continued economic volatility

Atlanta's office market continues to demonstrate resilience amid economic fluctuations. Despite ongoing economic uncertainty, leasing activity in the Atlanta office market reached 2.6 million square feet (msf) in Q2 2024, the highest since the 3.1 ms attained in Q1 2019, as well as surpassing the pre-pandemic average of 2.4 msf. This represents a 63% year over year increase from 1.6 msf in Q2 2023 and an 8% increase from 2.4 msf reported last quarter. Five leases exceeded 100,000 square feet (sf), the most significant level of large office leases signed locally since pre-pandemic. Return to office mandates, the reclaiming of space by AT&T, and headquarters relocations by companies such as Southern Gas Company, Newell Brands, and Piedmont Healthcare all contributed to this surge. These developments are positive signs of a robust recovery, underscoring tenant confidence in Atlanta's resilient economy, one which remains highly desirable due to its diverse industry base, lower cost of living, and its growing workforce talent pool.

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