Atlanta landed six of the largest office leases in the U.S. in 2022, according to a new report from CBRE.
Totaling approximately 1.4 million sq. ft., the six leases were enough to rank Atlanta eighth on this year’s list, ahead of primary office markets like Los Angeles and Boston. Last year, Atlanta tied Chicago for ninth on CBRE’s annual list of top 100 U.S. office leases with three, totaling approximately 1.1 million sq. ft. This year’s top leases in Atlanta ranged from approximately 260,000 sq. ft. to 180,000 sq. ft. and occurred in submarkets like Midtown, West Midtown, Buckhead and Cumberland/Galleria.
Nationally, tech companies made up a majority of the top 100 U.S. office leases in 2021, but the industry fell to second in this year’s report. Finance and insurance companies claimed 25 of the largest 100 office leases of 2022 by square footage, up from 12 in 2021. Tech companies accounted for 17 of the largest 100 leases, a decline of more than half from the 36 that tech notched in 2021. Tech has long been the leader in U.S. office leasing; CBRE only started tracking the 100 largest office leases in 2020, but tech led in overall U.S. office-leasing activity from 2013 until last year.
Atlanta has seen similar trends. In 2021, tech companies accounted for two of the metro’s three largest office leases in Atlanta. Last year’s top deals included only one lease by a tech firm. Atlanta’s other top deals were signed by companies in industries like telecom, banking, packaging and marketing.
“Atlanta benefits from a diverse economy where numerous industries see value in having operations here. This is evident by the top office leasing transactions of 2022,” said Ellen Stern, Senior Vice President with CBRE. “So long as our city continues to be the heartbeat of the Southeastern economy with a low cost of doing business and access to a deep labor pool, we will continue to see a diverse tenant mix in our office market.”
Other industries…
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