Q3 2020 coming to an end solidifies over half a year our country has been living and adapting in a COVID-19 environment. CRE analysts continue to expect a drop in direct asking rates from Landlords as they compete with subleases, but as of this quarter, it has not yet happened.
Although the city posted a mere 1.4M SF of leasing activity this quarter, the Atlanta Business Chronicle has reported that in the last year, Atlanta has posted more leasing activity of technology companies than any other metro in the country. This is highlighted of course by progress on Microsoft’s new campus at Atlantic Station and whispers of their potential involvement in the recent purchase of the Quarry Yards development in West Atlanta. Further expanding on West Atlanta’s growth, Lincoln Property Co has started pre-development work on “Echo Street West,” a $227 million mixed-use project just west of Georgia Tech. Echo Street West will include 285,000 square feet of creative office space, 30,000 square feet of retail and 300 apartments, of which about 60 are set aside as affordable units. Announcements like these are a reminder that in a time of constant negative news, Atlanta is still a healthy metro with booming construction and one that has historically fared better in economic crashes than most cities.