Leasing pace continues to fall while availability rises; still, large tenants remain in the market

Atlanta’s overall availability is on the rise due to a lull in activity coupled with ongoing new deliveries and the addition of significant sublease inventory. In the fourth quarter, overall availability in the Atlanta market increased by 210 basis points (bps) from Q3 and by 520 basis points year over year, now at 24.8%. Class A availability experienced an even sharper rise, increasing 300 bps over the quarter and 640 bps year over year to end the quarter at 27.4%. This increase is not surprising as quarterly leasing volume fell 28.0% over the quarter and totaled just over 1.0 million square feet (msf). Despite the low volume this quarter, Papa John’s leased 61,187 square feet (sf), announcing it will move part of its headquarters to 3 Battery Park. Insight Global also signed for 91,647 sf at 1224 Hammond Drive, expanding its presence to more than 300,000 sf.

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