Despite economic uncertainty fueled by a wave of tech layoffs, questions about hybrid work and aggressive Federal Reserve hikes, Atlanta’s office market ended 2022 on a high note. Metro Atlanta companies absorbed 485K SF of office space in the fourth quarter, the most of any market in the country, according to Cushman & Wakefield. Companies absorbed more than 1.1M SF of office space throughout the metro area over the course of the year, up from a total of 126K SF in 2021, according to CBRE. Class-A rents continued an upward trajectory, rising more than 4% to a new high of $34.21 per SF, with some trophy properties commanding more than $51 per SF, according to Cushman & Wakefield. Tenants like Truist Bank, Insight Global and MARTA inked office leases exceeding 150K SF each. But even amid the bright spots, office vacancy and sublease availability are still at or near all-time highs. The pool of tenants in the market has dwindled as well, but some brokers say optimism for the market is greater this year than it was a few months ago.“I was a little bit more… Read the full story here. |