CBD Market Comparison – First Half 2024 vs. First Half 2023
- Overall average asking rents continue to rise in Buckhead, Midtown, and Downtown. This increase is driven by more expensive space on the market and higher construction costs for new development.
- The market is searching for a new equilibrium, but sustained economic growth and more widespread conversion of obsolete office product to other uses will be necessary for any meaningful declines in availability to take hold.
- The Class A share of total leasing volume continues to rise; the share increased across Buckhead, Midtown, and Downtown in H1 2024 from H1 2023. Firms with the resources to do so continue to prioritize best-in-class office space to create a better in-office experience for employees.