→ Atlanta just closed its strongest industrial leasing quarter on record, surpassing even the COVID-era boom, at +19 MSF inked in a single quarter. Total available space declined 3.3% month over month, falling by 3.6 million SF. The quarter was driven primarily by new leasing rather than renewals, making the decline even more significant.

→ Sublease availability fell another 450,000 SF to 10.9 million SF. The biggest pullback came from 500,000+ SF blocks, where available sublease space declined by more than 500,000 SF in one month and is down approximately 42% from September 2025.

→ Groundbreakings are picking back up at the same time availability is falling. Nearly 1.0 million SF was added to the under-construction pipeline in September, yet record leasing still pulled total available space lower. If this pace continues, Atlanta could be entering a new phase of the cycle, where demand is strong enough to absorb both existing availability and incoming supply.