The Atlanta office market is starting to see the light at the end of the tunnel as we exit Q1 2021. As of the end of March, about 2.7 million doses per day of one of the COVID-19 vaccines are going into someone’s arm, bringing the total to over 96 million vaccinated Americans. If the country maintains its current pace, about half of the United States population will be vaccinated by the end of May 2021.
Q1 was undoubtedly highlighted by Googles announcement to triple its space commitment at 1105 WP in Midtown. Originally committing to “just” five floors, the technology giant will now lease 19 floors totaling 500,000 square feet and creating hundreds of new jobs. Adding to that success, in February of this quarter Airbnb announced that Atlanta will be the location of its new East Coast technology hub. Airbnb has yet to suggest exactly where this new technology hub will be within the city and when they are aiming to open for business. Atlanta suburbs Sandy Springs and Alpharetta were among the highest population growth in the nation this quarter and their office markets are shining in part of it. Global Payments signed a 200,000 square foot lease at 5995 Windward Parkway in Alpharetta this quarter to consolidate their office footprint.
This could suggest that most companies are seeing a return to office nearing and are not willing to give away their office space for a massive loss. Atlanta is recovering healthily since COVID rocked the economy and we expect nothing but positive growth for the city as we progress into 2021.