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Report: 2019 Best Year for Atlanta Office Market Since 2015
The Atlanta office market experienced its best quarter of the year to finish 2019, leading to net annual absorption of 1.9 million square feet. It was the best year of gains for the market since 2015, according to Colliers International’s Atlanta year-end 2019 office report.
The market was led by North Fulton, with nearly a half-million square feet of absorption in 2019. Additionally, office inventory grew by 2.4 million square feet in 2019, the most space delivered annually in a decade. The overall office vacancy rate in Atlanta showed no significant movement from 2018, according to Colliers, as new supply and absorption levels were closely matched. Rents however, did increase. Atlanta’s overall average rental rate went up 7.6% in 2019.
After a strong 2019, all signs point to continued growth in 2020, according to the report. Colliers noted that overall market fundamentals appear sound, which should secure another year of positive activity.
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