Atlanta continues to show stronger signs of an economic recovery than its peers. Return to office occupancy has increased dramatically. Large corporations including Microsoft, Google, FanDuel, Visa, Cisco, Norfolk Southern, Deluxe Corp, Papa John’s, Mailchimp, Carvana, and Airbnb are all in the process of adding thousands of high-paying office jobs in Atlanta. However, overall leasing activity is still trending below norms and contending with the effects of a few large move-outs and a surplus of sublet availability.
Office construction in Atlanta remains active. Some of the metro’s newest projects broke ground on a speculative basis, although more than half of the current pipeline is unleased. Rent growth has cooled, as the metro’s rising vacancy rate and increase in backfill availabilities are making it difficult for owners to push rents.