Rental Rates The average quoted asking rental rate for available office space, all classes, was $23.21 per square foot per year at the end of the fourth quarter 2017 in the Atlanta market area. This represented a 1.2% increase in quoted rental rates from the end of the third quarter 2017, when rents were reported at $22.93 per square foot.
Sales Activity Tallying office building sales of 15,000 square feet or larger, Atlanta office sales figures rose during the third quarter 2017 in terms of dollar volume compared to the second quarter of 2017. In the third quarter, 43 office transactions closed with a total volume of $741,203,101. The 43 buildings totaled 3,989,739 square feet and the average price per square foot equated to $185.78 per square foot. That compares to 29 transactions totaling $732,495,000 in the second quarter 2017.The total square footage in the second quarter was 4,758,678 square feet for an average price per square foot of $153.93. Total office building sales activity in 2017 was down compared to 2016. In the first nine months of 2017, the market saw 105 office sales transactions with a total volume of $1,859,899,254. The price per square foot averaged $157.82. In the same first nine months of 2016, the market posted 143 transactions with a total volume of $1,925,192,011. The price per square foot averaged $135.84. Cap rates have been higher in 2017, averaging 8.13% compared to the same period in 2016 when they averaged 7.73%.