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Market Report

Atlanta Office Market Report

4Q 2022

Regionally Low Operating Costs and Options for Large
Offices Continue to Attract Companies

Major firms expand Atlanta office footprints. A bevy of corporate relocations and a broader return to the office has improved tenant demand for available space in Atlanta, compressing vacancy 100 basis points year-over-year in June. Recently strong absorption indicates more cost-conscious companies are establishing workplaces in the metro, as Atlanta's operating costs are notably lower than many Northeast markets. With one of the least expensive average internet costs in the country, the metro may attract additional companies that plan to remain on a hybrid work model, such as Honeywell, who recently expanded its division HQ in Midtown. Additionally, Moderna is planning to establish an enterprise solutions hub to capitalize on the state's life science cluster, potentially fueling demand for office space among smaller companies that support the biotech firm.
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