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Friday, November 19, 2010
Atlanta's 3Q Office Market
The Atlanta Office market ended the third quarter 2010 with a vacancy rate of 21.5%. The vacancy rate was up over the previous quarter, with net negative absorption over 200,000 SF.
Though economists have indicated that the recession is over, the Atlanta market is expected to lag behind the rest of the U.S. in recovery. At 10.3%, unemployment in Georgia is higher than the national unemployment rate of 9.6%. Unemployment is expected to exceed 9% through the next two years.
The average quoted asking rental rate for available office space, all classes, was $18.88 per square foot per year at the end of the third quarter 2010 in the Atlanta market area. This represented a 2.6% decrease in quoted rental rates from the end of the second quarter 2010.