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Leasing activity slow but not entirely halted despite ongoing COVID-19 disruption
With much of Atlanta’s economy shut down throughout the majority of the second quarter, office demand dipped a bit, but the slowdown was notably not as pronounced as that seen in other major markets. Total second-quarter leasing activity stood at 1.6 million square feet (msf), down 13.2% over the quarter, and 26.8% over the year. Due to ongoing COVID-19 lockdown measures, companies could not tour space for several months which contributed to the pullback in leasing activity. Overall availability increased 90 basis points over the quarter, now at 20.9%, reflecting a 210-basis-point increase year over year.