Q2 2023 Atlanta Office Market Report

Atlanta’s office market hit a 12-year high at 19.1% vacant at the end of Q2 2023. This time last year, companies absorbed 1.3 MSF, in stark contrast to this quarter’s -1.6 MSF. While leasing activity increased from last quarter, tenants continue to evaluate current footprints and determine future space requirements. AT&T, a major player in Atlanta’s office market, shed almost 500,000 SF in Q2 2023 as it announced consolidation, but in early July committed to a new 120,000 SF lease at Lenox Park. Landlords, however, persist with increasing asking rents, ending Q2 at $30.34 PSF.