Atlanta’s office market took a step back in the second quarter, but the Cumberland/Galleria submarket actually saw a slight uptick in absorption.
That’s the word from Cushman & Wakefield’s Atlanta Office Market Mid-Year 2010 Report. Atlanta’s office market recorded 316,378 square feet of negative overall absorption in the second quarter, according to C&W.
While most submarkets suffered declines in occupied space, Cumberland/Galleria held its own. “Net occupancy losses in the Georgia 400, Central Perimeter and Midtown markets offset modest net occupancy gains in the Downtown and Cumberland/Galleria markets during the second quarter,” the report states.
The Galleria area typically outperforms others submarkets because of the quality of its office towers, meeting venues and cultural centers such as the Cobb Energy Performing Arts Centre. When we sign tenants at the Galleria, they often tell us it’s the best-kept secret for those who want to avoid the congestion found in other submarkets.
Of course, the Northwest submarket, which includes Cumberland/Galleria, is no secret. It’s the largest submarket in Atlanta with 23.5 million square feet. And at 17.4 percent, its vacancy rate is lower than Downtown, Midtown, Buckhead and Central Perimeter, according to Cushman & Wakefield.
Companies owe it to themselves to come see why Atlanta Galleria is the environment for success. Please visit us!