West Midtown DEEP DIVE Q3 2022 Report
Leasing Strong, Three Q3 Deliveries for West Midtown
West Midtown saw positive absorption of 55,640 square feet in Q3 of 2022, the sixth quarter of positive absorption in the last seven for the growing submarket. All of the Q3 gains took place in Class A properties, which have seen positive absorption of 327,805 square feet year-to-date. As was the case with much of the Atlanta office market, West Midtown saw its vacancy rate rise despite experiencing positive absorption thanks to the delivery of new product. Allied Studios (two buildings totaling 185,000 sf) and Westside Paper (223,851 sf) both delivered in Q3. Both buildings at Allied Studios are 100% leased, however will not be occupied by their tenants until Q4 of 2022 at the earliest. Westside Paper is 0% leased, thus resulting in over 400,000 square feet of vacant space hitting a submarket that is easily affected by vacant deliveries thanks to its small overall inventory.
WEST MIDTOWN
Total Inventory SF
Direct Vacancy Rate
Sublease Vacancy Rate
Total Vacant SF
Vac Rate Q3 ‘22
Vac Rate Q2 ‘22
Net Absorp Q3 ‘22
Net Absorp YTD
Deliveries YTD
Under Constr
Avg Rent (FSG)
Class A
1,516,571
33.3%
3.3%
555,698
36.6%
35.7%
78,812
327,805
323,851
902,870
$44.30
Class B
1,469,297
14.9%
1.5%
241,649
16.4%
12.5%
(22,461)
6,294
40,000
-
$32.78
Class C
537,554
4.0%
0.0%
21,698
4.0%
3.9%
(711)
2,952
-
-
$28.61
Total
3,523,422
21.2%
2.1%
819,045
23.2%
20.7%
55,640
337,051
508,851
902,870
$42.16
ACTIVE WEST MIDTOWN UNDER CONSTRUCTION PROJECTS
1 M
O
O
RES
RD MILL
209,174 SF
W WESLEY RD NW
P E AC H T R E
E
B AT
T L E AV
Interlock Office Phase II Aug 2023
S.J. Collins E
2
926 Brady Ave 32,578 SF
Apr 2023
Clarion Partners
CH
NORTHSIDE DR
3
274,976 SF
T AT
AH
MA
O OCHEE AV E
765 Echo Jun 2023
Lincoln Property Company
NW
RIE
Jun 2023
17TH ST
ILL
Lincoln Property Company
RD
2
14TH ST
1
5 10TH ST
3
Science Square Labs 364,871 SF
Mar 2024
Trammell Crow Company
4 LD LEE HOLLOWELL NA
DO
745 Echo 21,273 SF
LM
NW
EL
D LV
H OW
AB TT
4
AVE NW TH NOR
5
902,8 70 sf under construction lpcsoutheast.com The information contained herein has been obtained from the owner of the property or from a source deemed reliable. While Lincoln Property Company has no reason to doubt its accuracy, we do not guarantee it.