Research

The office market is often framed as waiting on demand to return, but in Atlanta, that narrative is incomplete. Leasing activity has remained relatively consistent, while the more meaningful shift in market conditions is being driven by something less visible: inventory. Vacancy remains elevated, hovering near 25%, but the underlying pressure has changed. For most of the past cycle, even modest demand gains were offset by a steady pipeline of new deliveries. That dynamic has…

  → Total availability increased month-over-month in the Atlanta industrial market, reversing the tightening trend observed late last year. The rise reflects new supply beginning to break ground within an otherwise muted development pipeline and existing product availability gains concentrated primarily in the 100,000–249,999 SF building range. → Sublease availability stood at 11.9 MSF in February 2026, roughly 19% below its mid-2025 peak. This decline reflects meaningful normalization from last year’s elevated secondary supply, with…

Roughly 33 million square feet of industrial leases signed in 2021 are set to expire in 2026, nearly three times the market’s typical annual renewal volume. That level of concentration matters, especially given how much rents have moved since those deals were executed. Since 2021, contract rents have increased materially across every major submarket in Atlanta. In several corridors, rates have doubled from pandemic-era levels. For tenants operating under 2021 lease terms, upcoming renewals may…

  Where Do We Stand? Kate Hunt and Dan Wagner revisit the 2026 Lee & Associates – Atlanta Industrial Forecast as the year gets underway, taking a fresh look at how the market is performing relative to expectations set in December. While the rapid expansion of recent years has moderated, Atlanta’s industrial fundamentals remain strong. Balanced supply, sustained demand, and long-term growth drivers continue to support steady leasing, investment, and development activity as capital markets…

  Take A Closer Look   In this Q4 2025 Atlanta Office Market update, Brad Duckett and Kate Hunt break down the latest data and what they’re seeing in real time across the market. With nearly 70% of transactions tied to renewals and vacancy hovering around 25%, the conversation focuses on retention trends, tenant decision making, rent stability, concessions, and landlord strategy. They also discuss the gap between space that tours well and space that…

  → Total availability declined further to 96.7 MSF in January, down from 98.9 MSF in December, marking a fourth consecutive month of contraction. The continued decline reflects steady leasing activity occurring amid a limited pace of new speculative deliveries. → Sublease availability fell sharply to 11.4 MSF, down 13.1% month-over-month and reached its lowest level since early 2025. The contraction was driven primarily by South Atlanta and the Northeast, where several large sublease blocks…

  Take A Closer Look   In this video, Matthew Reynolds and Kate Hunt sit down to discuss the state of Atlanta’s industrial market based on the Q4 2025 market data. They cover what’s driving current leasing momentum, how demand is shifting between new tenants and renewals, and where vacancy is tightening across submarkets. The conversation also explores how owners are approaching concessions, how tenants are navigating pricing, and why disciplined construction is playing a…

        Industrial Submarket Reports 

Atlanta’s industrial market is entering 2026 with a construction pipeline that remains meaningfully leaner than prior cycle peaks, even as groundbreakings have begun to pick back up. Space under construction is still aligned with levels that have historically supported steady absorption, keeping near-term delivery risk in check as vacancy continues to normalize. The recent increase in starts reflects a measured return to development activity rather than a broad reopening of speculative supply. While the pipeline…