This pace of rent escalation is historic. For landlords, it has delivered record-setting lease rates, but for occupiers it has pushed rents far above historical norms. As highlighted in our recent Market Report video, rising vacancy is increasingly a result of tenants downsizing to reduce costs.

At the same time, not all size ranges continue to accelerate. In several categories, rents have flattened over the past year, signaling stabilization after an intense run-up and giving tenants some breathing room while landlords focus on occupancy.

Atlanta’s market is now being shaped by two forces: oversupply in certain segments and affordability pressures across the board. Many tenants are rethinking expansions or consolidating footprints in the face of nearly doubled occupancy costs, suggesting the market may be entering a price discovery phase where landlords and tenants test how much rent growth can be sustained before vacancy becomes a structural headwind.