Atlanta Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $34.79 2023 Avg. Asking Rent
  • 0.65% Y-o-Y Avg. Asking Rent Change
  • 17.89% 2023 Office Vacancy Rate
  • $240.1M2023 Total Office Sales
  • $195.06Avg. Sale Price/SF

Atlanta office price per square foot in 2023 was $34.79 on average. This marked a +0.65% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.89% across all asset classes combined. The 7 transactions that closed here throughout 2023 amounted to a total sale volume of $240.1M. Atlanta office space commanded an average sale price per square foot of $195.06.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Atlanta Class A & A+ Office Space$36.65
  • Atlanta Class B Office Space$24.73
  • Atlanta Class C Office Space$19.06
  • Georgia Class A & A+ Office Space$34.44
  • Georgia Class B Office Space$22.70
  • Georgia Class C Office Space$31.34

Atlanta, GA Office Asking Rents by Class

Average office rent in Atlanta rested at $34.79 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Atlanta averaged $36.65 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.73 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.06 per square foot, on average. Comparably, statewide Georgia average office rents by class in 2023 were: $34.44 per square foot for class A office space; $22.70 per square foot for class B office space; $31.34 per square foot for class C office space.

2023 Office Vacancy Rates in Atlanta

Submarket Asking Rents Vacancy Rates
Atlanta - Southeast $43.30 21.30%
Atlanta - Northwest $41.72 31.48%
Atlanta - Northeast $41.34 19.68%
Atlanta - Midtown $40.58 20.49%
Perimeter North $31.73 18.07%
I-95 Corridor Chamblee $27.87 12.34%
Atlanta - South Downtown $27.50 8.74%
Decatur $27.48 9.44%
Northwest 285 $26.41 16.58%
Marietta - Kennesaw $25.64 17.51%
Atlanta - Central Business District $24.30 13.80%
Tucker $23.64 9.11%
Atlanta - Southwest $20.03 31.35%
Peachtree Corners - Duluth $19.92 11.90%
College Park $17.00 25.18%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Atlanta market was 17.89% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Atlanta was 8.74% in the Atlanta - South Downtown submarket, while the highest office vacancy in the market was 31.48%, recorded in Atlanta - Northwest.

Office Spaces for Rent in Georgia

Atlanta Office Sale Price per SF

  • $195.062023 Avg. Price per SF
  • -17.77%Y-o-Y Avg. PpSF Change
  • $240.1M2023 Office Sales Volume
  • 72023 Number of Transactions

Atlanta, GA Sale Price per SF Trend

  • Atlanta Avg. Sale Price per SF in 2023$195.06
  • Georgia Avg. Sale Price per SF in 2023$150.71
Atlanta office space cost in 2023 marked a -17.77% change compared to the previous year. The sale price for office space in Atlanta averaged $195.06 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Georgia average office sale price during the same time period was $150.71 per square foot.

2023 Office Sales Volume

  • Atlanta, GA Total Office Sales Volume in 2023 $240.1M
  • Atlanta, GA Total Number of Office Sales Closed in 2023 7
A total of 7 deals closed on the Atlanta office market in 2023, adding up to a yearly sales volume of $240.1M. Notably, the largest transaction on the market saw Three Ravinia Drive change hands for $175,000,000 on 8/25/2023.
Data provided by Commercial Edge

Coworking Spaces in Georgia

2023 Office Construction in Atlanta, GA

  • Atlanta, GA Total SF completed in 2023 1,822,224
  • Atlanta, GA Total SF under construction in 2024 1,996,548

During 2023, 1,822,224 square feet of new office space were delivered across the market. At the close of 2023, the Atlanta office inventory included 10 buildings equal to or larger than 25,000 square feet, which comprised 1,822,224 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 1,996,548 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Atlanta
Office building Address SF Completed
Science Square Labs 387 Technology Circle NW, 30313 368,258 2024
811 Peachtree Street Northeast 811 Peachtree Street Northeast, 30309 330,200 2024
High Street - Building 1A 255 Hillside Pkwy, 30346 35,656 2024
Echo Street West 745 & 765 Echo Street, 30318 300,000 2023
The Indie 628 Edgewood Ave NE, 30312 198,806 2023
2827 Peachtree 2827 Peachtree Street NE, 30305 135,000 2023
Abrams Fixtures Building 565 Northside Drive SW, 30318 77,768 2023
2021 Peachtree Road 2021 Peachtree Road, 30309 75,000 2023
Midtown Union 1331 Spring Street, 30309 644,046 2022
One Phipps Plaza 3550 Peachtree Road, 30326 365,263 2022

Worth noting among recent office completions on the Atlanta market is Science Square Labs, which is currently the largest new office development in the city, at 368,258 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Atlanta commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.