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Atlanta Real Estate Market Trends | Cumberland/Galleria Office Q1 2021

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NorthwestATL_20192
By Drew Levine

Cumberland/Galleria office submarket of Atlanta not immune to Q1 woes.

Like Atlanta's other office submarkets, Cumberland/Galleria is off to a rough start to the year losing a total of just under 82,000 square feet of occupied space. This is the third straight quarter of negative absorption; however, when compared to the other core submarkets, Cumberland/Galleria maintains the lowest overall vacancy rate at 15.5%.

The added availabilities are beginning to have their effect on rental rates in the submarket. The Class A average dropped 60 basis points (0.6%) from last quarter. Nevertheless, Q2 is expected to show more positive results given Thyssenkrupp's large occupancy into its new headquarters.

What you'll learn in this quarter's Cumberland/Galleria Office Market Report:

  • Vacancy and availability
  • Absorption and leasing activity
  • Rental rates
  • Construction activity
  • Sales activity and cap rates
  • Cumberland/Galleria office predictions and forecasts

Download the full Colliers Atlanta Cumberland/Galleria Office Market Report to learn more about the fundamentals shaping the Cumberland, Galleria and Cobb County office submarkets of Atlanta, GA. 

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Atlanta Real Estate Market Trends | Cumberland/Galleria Office Q1 2021

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Drew Levine | Colliers | Atlanta

Drew Levine

Senior Vice President, Principal

Atlanta

+14048779294
404 -245 -0934
Email

I am a Senior Vice President in the Occupier Services Group, a Colliers group that exclusively represents tenants. I have successfully advised startups, high-growth, and established companies since 2011. My team delivers customized services on local, national, and global levels that allow companies to make well-informed, profit driven real estate decisions. I have been involved in a wide range of transactions, from small acquisitions for startup companies to campus projects for Fortune 500 companies. Our work has included relocation and expansion projects, consolidations and dispositions, headquarter planning, lease terminations and complete portfolio planning strategies for hundreds of leading technology, professional services, and manufacturing companies. We strive to deliver real estate business solutions that: add measurable value, reduce costs, decrease business operating risks, improve workplace performance, expand flexibility, and increase overall profitability.

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