Atlanta Office Market: Q3 2024
CoStar's reclassification of some Class B projects to Class A led to positive absorption in Q3. Year-to-date absorption is now -1.7 MSF, driven by Class B losses. Average asking rents dropped slightly, and the construction pipeline shrank to 1.4 MSF, mainly concentrated in Midtown. The Northeast submarket was Q3's best performer (+159 KSF), while Central Perimeter lagged (-166 KSF). Midtown struggled year-to-date, but may improve as subleases and new leases increase absorption in 2025.
