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Q1-2024 Market Report Reveals Insights About Downtown Atlanta

June 03, 2024

Downtown Atlanta showcases a dynamic blend of growth and resilience across various real estate market sectors and quality-of-life elements. As more employees return to the office and big events like the 2026 World Cup hover in the future, it’s more important than ever to be informed about the current state of our city center. The Q1-2024 Downtown Market Report provides exclusive insights into the current trends in office, hotel, retail, and multi-family housing markets, combined with data-driven updates on visitation and crime.

Keep reading to discover four key takeaways that summarize the quarter’s market performance.

  1. Office Market Rent Growth and New Leasing Activity Amid High Vacancy Rates
    Downtown Atlanta’s office market showed resilience with rents surpassing pre-pandemic levels by more than 10% compared to Q1-2019. The vacancy rate remains high, reflecting ongoing adjustments in the market due to remote work policies. Despite office market challenges, there were 43,844 square feet of direct leases and a net absorption of 6,324 square feet, an improvement from the negative absorption reported in Q1-2023.
  2. Higher Asking Rents and Upcoming Retail Openings
    Downtown Atlanta’s retail market asking rents reached $34.13 per square foot, an 81% increase from Q1-2019. Despite a vacancy rate of 8%, the market saw six direct leases. Upcoming retail establishments like Butter + Scotch, Mendoza Cafe y Vino, and SKOL Brewing Company are set to enhance Downtown’s retail landscape.
  3. Impressive Visitation Trends in Downtown
    As detailed in the Q1-2024 Downtown Market Report, visitation continues to improve from low post-pandemic levels with over 18.6 million visits to Downtown Atlanta. Downtown welcomed 14 million non-employee visits and 4.6 million employee visits. In Q1-2024, employee visitation rose by 106% and 52% compared to Q1-2021 and Q1-2022.
  4. Reduction in Incidents alongside Impactful Safety Improvements
    In Q1-2024, there were 486 crime incidents, which marks an 11% decrease from Q4-2023. Most incidents were non-violent crimes, particularly theft from vehicles, which comprised 67% of total incidents. However, installing cameras in high-theft areas led to a significant 68% reduction in theft from vehicle incidents.

Ready to get all the facts? Click here to view the Q1-2024 Downtown Market Report.