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Atlanta sees availability increase ahead of COVID-19 impact
In March, the rapidly evolving COVID-19 pandemic and measures to slow its spread brought business to an unprecedented halt across the country. No one knows exactly what near or long-term effects will be on the other side of this event, and the majority of information tracked in this report occurred prior to current circumstances. The office market will be impacted by unavoidable re-evaluations of workforce and closures, though severity will depend on how long current circumstances extend. Unrelated to COVID-19, overall availability in Atlanta increased 40 basis points over the quarter and 50 basis points over the year to 20.0%. Of the core submarkets, Midtown saw the largest increase in availability with a 410-basis-point-increase over the year, also to 20.0%. That 20.0% availability includes several large, new buildings that are set to deliver in the coming year, including Atlantic Yards, Star Metals Offices, and The Interlock, among others.