Office leasing continues to rally in Q4 as transaction volume in Atlanta returns to pre-pandemic level

The Atlanta office market continues to show signs of recovery as quarterly leasing remains above the five-year moving quarterly average. In Q4, leasing totaled 2.4 million square feet (msf) – more than doubling the volume of Q4 2020 (1.0 msf). The swell in transaction volume has emerged due to an increase in clarity regarding tenants' post-pandemic real estate strategies, yet it remains too early to tell if emerging variant concerns will negatively impact the market. Despite stronger leasing volume, availability remains in the range of 10- year highs at 26.0%. Aggregate deal volume was bolstered by Visa’s commitment to 122,760 square feet (sf) in the former Norfolk Southern headquarters at 1200 Peachtree Street, and German shipping giant Hapag-Lloyd's announcement of a new 127,000-sf North American headquarters in Central Perimeter's Three Ravinia.

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