Cumberland|Galleria Office Space Leasing

Cumberland Galleria Office Leasing: Market Overview & Key Market Indicators

The Cumberland|Galleria submarket is located entirely within the 30339 zip code and retains an Atlanta address, which is important for attracting national and international firms that want a recognizable Atlanta address, but with the business friendly and family friendly environment of Cobb County. We track the submarket in Knapp Commercial Advisors’ proprietary database. All information provided in this report was sourced by us, unless attributed to another source. We do not represent the buildings mentioned, unless otherwise noted.

The Supply of Office Space in the Cumberland Galleria Submarket

We track approximately 18,00,000 square feet on supply within the Cumberland/Galleria submarket. The supply is comprised of three product types: the bulk of the supply exists in Class A and Class B high-rise office buildings; the next largest component consists of Class B and Class C mid-rise buildings and finally a pool of smaller office buildings and commercial condos. The higher quality buildings are found in the southern edge of the market at Galleria on the Park, The Battery, along Cumberland Blvd and in Vinings on Paces Ferry Rd.

The Cost to lease Office Space in the Cumberland Galleria Submarket

The market rent for the submarket ranges from $28 all the way to $42 per square foot on a full service gross basis. Office Buildings located in Galleria on the Park have higher rates, with their top floors asking over $40 per foot. At The Battery, Class A space demands a premium at over $40 per foot. Outside of Piedmont Realty’s Galleria on the Park and the Braves’ Battery buildings, the average rent is $30-$35.

Vacancy within the Cumberland Galleria Office Submarket

The Cumberland Galleria submarket vacancy rate is approximately 25%. The available vacancies are skewed towards older buildings with many of the Class A buildings showing over 80% occupancy.

Notable Office Trends in the Cumberland Galleria Office Submarket

New Development: There are several new development projects proposed or in the works. Not surprisingly, all the projects center around the Braves and The Battery Atlanta. These projects are corporate relocation projects.