CRE Market Report: November 2026 | Atlanta, GA Market Spotlight
The Fed holds at 3.75%–4.00%, CMBS delinquency eases to 7.87%, and Atlanta posts record industrial leasing while office vacancy holds at 26.2%.
The Fed held rates at 3.75%–4.00% on Oct. 28, and CMBS delinquency eased to 7.87%. In Atlanta, industrial posted a record 22.2 million SF of leasing in Q3 while office vacancy held at 26.2% with nothing under construction, and retail stayed tight at 4.5% vacancy.
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This month at a glance
- The Fed held at 3.75%–4.00% on Oct. 28, with two officials voting for a hike. A strong October jobs report has markets leaning toward a hike at the Dec. 8–9 meeting.1,2,5
- Employers added 165,000 jobs in October, nearly triple forecasts, and unemployment dipped to 4.1%.4
- CMBS delinquency fell 15 bps to 7.87% on a single large loan cure, while office climbed to 12.33% and retail jumped 63 bps.7
- Atlanta industrial leased a record 22.2 million SF in Q3, pushing direct vacancy down to 8.0%.12
- Atlanta office rents rose for another quarter, to $34.03/SF, even as relocations pushed absorption negative.10
Did the Fed raise rates in October?
No. On Oct. 28, the FOMC held the federal funds target range at 3.75%–4.00% in a 10-2 vote, a month after its first hike since 2023. Cleveland Fed President Beth Hammack and Governor Lisa Cook dissented in favor of another quarter-point increase.1,2
The data since. October payrolls rose 165,000, far above expectations, and unemployment slipped to 4.1%. August and September were revised up by a combined 84,000 jobs.4,5 The report strengthened the case for a hike at the Dec. 8–9 meeting, and October CPI and producer price data are due this week.5,6
What it means for borrowers. The 10-year Treasury rose to about 4.87% after the jobs report, with the 30-year near 5.27% and the 2-year near 4.52%.5,6 Plan around higher-for-longer financing costs, not relief.
| Benchmark | Rate |
|---|---|
| Fed funds target range | 3.75%–4.00% |
| Interest on reserve balances | 3.90% |
| Primary credit (discount) rate | 4.00% |
| Prime rate (Fed upper bound + 3 points) | 7.00% |
| 10-year Treasury (Nov. 9) | about 4.88% |
| 30-year Treasury (Nov. 6) | about 5.27% |
Sources: Federal Reserve implementation note via Admiral Markets; Treasury yields via CNBC and InvestmentNews.3,5,6
What is the CMBS delinquency rate right now?
Trepp's CMBS delinquency rate fell 15 bps to 7.87% in October, down from 8.02% in September. Most of the improvement came from one $975 million loan backed by showroom properties in High Point, N.C., and Las Vegas returning to current status. Three of the five major property types still worsened.7
| Property type | Oct. 2026 rate | Change vs. Sept. |
|---|---|---|
| Office | 12.33% | +17 bps |
| Multifamily | 8.09% | +5 bps |
| Retail | 7.21% | +63 bps |
| Lodging | 5.94% | −24 bps |
| Industrial | 1.10% | −4 bps |
| Overall | 7.87% | −15 bps |
Source: Trepp, via Connect CRE.7 Including loans past maturity but still paying interest, the rate was 9.56%.8
Special servicing hit a 13-year high. The share of CMBS loans with a special servicer rose 25 bps to 11.74%, the highest since December 2012, a sign more loans are heading into workouts even as the headline delinquency rate dipped.9
Market spotlight: Atlanta, Georgia
Atlanta is a market of two speeds right now. Industrial demand just set a leasing record and is clearing big blocks of space, while office is working through relocations with no new buildings coming. Retail and multifamily sit in between, tight and steady.
Here is how each sector stood at the end of the third quarter, and what it means if you are searching for space in metro Atlanta.
| Sector, Q3 2026 | Vacancy | Asking rent | Q3 net absorption |
|---|---|---|---|
| Office (CBRE)10 | 26.2% | $34.03/SF/yr (full service) | −528,000 SF |
| Industrial (CBRE)12 | 8.8% overall, 8.0% direct | $7.90/SF/yr (NNN) | +6.7M SF |
| Retail (Matthews)15 | 4.5% | $24.56/SF/yr | +336,000 SF |
| Multifamily (Matthews)16 | 5.7% | n/a | +3,799 units |
For context, national vacancy was 18.2% for office and 6.4% for industrial in Q3, according to CBRE.19,20
Office
Relocations, not move-outs. Net absorption was negative 528,000 SF, but roughly 70% came from two long-planned moves: Atlanta Gas Light leaving 10 Peachtree Place and EY leaving 55 Allen Plaza for 1020 Spring. Both tenants stayed in Atlanta; the gains were counted in earlier quarters.10
Rents still rising. The direct asking rate rose 1% to $34.03/SF, up 9% since Q4 2023. Class A reached $36.47, prime buildings $55.38, and the top building in the market $72.50.10
No new supply. Nothing is under construction for a second straight quarter, so every relocation now competes only with existing buildings. Prime availability held at 22.2%, while non-prime Class A rose to 36.1%.10
A second read. Cushman & Wakefield, tracking a different inventory, counted 203,427 SF of positive absorption in Q3, its second straight quarterly gain, and $34.20/SF average asking rent.11 The difference comes down to which buildings and which moves each firm counts.
Atlanta office by submarket, Q3 2026:
| Submarket | Vacancy | Direct asking rent | Q3 net absorption |
|---|---|---|---|
| Buckhead | 26.2% | $38.02 | +20,000 SF |
| Central Perimeter | 27.4% | $30.91 | −20,000 SF |
| Cumberland/Galleria | 19.7% | $31.65 | −104,000 SF |
| Downtown | 33.4% | $32.49 | −180,000 SF |
| Midtown | 31.8% | $45.75 | −234,000 SF |
| Midtown West | 36.8% | $49.89 | +37,000 SF |
| North Fulton | 25.3% | $27.26 | −135,000 SF |
| Northeast | 15.6% | $22.41 | +51,000 SF |
| Northlake | 18.7% | $26.68 | +20,000 SF |
| Peachtree Corners | 23.6% | $22.51 | +17,000 SF |
| Airport/South Atlanta | 13.5% | $23.01 | −3,000 SF |
| Metro Atlanta | 26.2% | $34.03 | −528,000 SF |
Source: CBRE Research, Q3 2026. Rents are average direct asking, $/SF/year, full service.10 For a deeper submarket guide, see the best places to find office space in Atlanta.
Industrial
A record quarter. Atlanta leased 22.2 million SF of industrial space in Q3, an all-time quarterly high, and net absorption more than doubled to 6.7 million SF. Year-to-date leasing reached 49.8 million SF, close to all of 2025's 51.9 million.12
Vacancy falling, rents rising. Overall vacancy fell to 8.8% and direct vacancy to 8.0%, down 140 bps from a year ago. Direct asking rents rose to $7.90/SF NNN, up 7.8% year over year.12 Other trackers, using different inventories, put vacancy between 9.0% and 10.0%.13,14
Big users are back. The largest new leases included Nike (1,040,000 SF, Airport), TikTok Logistics (1,018,000 SF, Northeast/I-85) and Genuine Parts (825,000 SF, Northwest/I-75). Developers broke ground on 17 projects totaling 4.2 million SF, lifting the pipeline to 12.9 million SF.12
| Corridor | Direct vacancy | Asking rent (NNN) | Q3 net absorption | Under construction |
|---|---|---|---|---|
| Northeast/I-85 | 7.3% | $8.31 | +1.83M SF | 3.32M SF |
| Northwest/I-75 | 8.2% | $8.77 | +1.99M SF | 813,000 SF |
| Airport | 10.0% | $7.93 | +1.14M SF | 1.44M SF |
| Southeast/I-75 | 11.6% | $6.39 | +1.23M SF | 2.00M SF |
| Southwest/I-85 | 6.4% | $7.89 | +1.05M SF | 407,000 SF |
| I-20 West | 7.4% | $7.15 | −220,000 SF | 3.12M SF |
| I-20 East | 6.6% | $7.20 | −53,000 SF | 679,000 SF |
| Metro Atlanta | 8.0% | $7.90 | +6.69M SF | 12.94M SF |
Source: CBRE Research, Q3 2026.12
Retail
Tight and at record rents. Atlanta retail absorbed 336,000 SF in Q3, flipping back to positive demand, and vacancy sat at 4.5%. Average asking rent reached a record $24.56/SF, up 2.9% year over year. Space under construction equals just 0.3% of inventory, so tenants competing for well-located storefronts have few new options.15
Multifamily
Supply is slowing. Atlanta absorbed 3,799 units in Q3 and vacancy held at 5.7% as completions fell 43% year over year. Roswell/Alpharetta was the tightest submarket at 4.6% vacancy, and South Fulton led rent growth at 7.5%.16
Data centers
The construction leader in North America. In the first half of 2026, Atlanta passed Northern Virginia for the most data center capacity under construction, with 2,882 MW underway, up 52.3% year over year.17 JLL recorded record Atlanta absorption of 918 MW in those six months.18 That demand is spilling into industrial leasing: infrastructure and data center suppliers were among the quarter's biggest industrial users.12
What are Atlanta tenants searching for?
TenantBase search data shows what Atlanta businesses are looking for before leases are signed. Atlanta drew 4.8% of all TenantBase searches nationwide in Q3, the third most of any market, up from a 4.1% share in Q2.21
Share of Q3 2026 TenantBase searches. A search that selected more than one space type counts toward each.21 See every market in the Q3 2026 Tenant Demand Report.
What it means. Atlanta's searches lean slightly more toward flex/warehouse and retail than the national mix, which lines up with the record industrial leasing and tight retail vacancy in the market data.
What this means for Atlanta tenants
Office tenants have leverage below the top tier. With 30.9% availability, no new construction and non-prime Class A availability at 36.1%, tenants outside the best buildings can negotiate concessions, flexible terms and move-in-ready suites. Prime space is tighter, so start early for top buildings in Buckhead and Midtown.10
Industrial tenants should move quickly. Record leasing is clearing big blocks and pushing rents up 7.8% a year. The tightest corridors, like Southwest/I-85 at 6.4% direct vacancy, will get harder to lease in, while Southeast/I-75 offers more options at lower rents.12
Retail tenants face scarcity. At 4.5% vacancy and record rents, good storefronts go fast, which favors locking in longer terms now.15
Financing stays expensive. With a December hike in play and the 10-year near 4.9%, build-out budgets and tenant improvement allowances deserve close attention in every negotiation.5,6
A local tenant rep broker who knows Atlanta's submarkets can compare buildings and negotiate those terms for you, free for tenants. Meet Atlanta tenant rep brokers.
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Search Atlanta SpaceFrequently asked questions
Did the Fed raise interest rates in October 2026?
What is the CMBS delinquency rate in October 2026?
What is the office vacancy rate in Atlanta?
What is the industrial vacancy rate in Atlanta?
How much does office space cost in Atlanta?
How tight is Atlanta retail space?
What types of commercial space are Atlanta tenants searching for?
Is Atlanta a big data center market?
Sources
- Fed's Interest Rate Decision: October 28, 2026, Advisor Perspectives
- Federal Reserve makes interest rate decision ahead of midterms, Fox Business
- FOMC October 2026: Fed Holds at 3.75%-4%, Markets React, Admiral Markets
- The Employment Situation, October 2026, U.S. Bureau of Labor Statistics
- October jobs report beats forecasts, lifting December Fed hike odds, InvestmentNews
- Treasury yields rise as investors await October CPI and producer prices, CNBC
- Large Loan's Return to Current Status Nudges CMBS Delinquency Down in October, Connect CRE (Trepp data)
- Multifamily CMBS delinquency rate continues rise in October, Yield PRO (Trepp data)
- Multifamily delinquencies up in October, driven by issues at San Francisco property, Multifamily Dive (Trepp data)
- Atlanta Office Figures Q3 2026, CBRE
- Atlanta Office MarketBeat, Q3 2026, Cushman & Wakefield
- Atlanta Industrial Figures Report Q3 2026, CBRE
- Atlanta Industrial Market Overview, Q3 2026, Lee & Associates
- Atlanta Q3 2026 Industrial Market Report, Savills
- Atlanta, GA Retail Market Report Q3 2026, Matthews
- Atlanta, GA Multifamily Market Report Q3 2026, Matthews
- North America Data Center Trends H1 2026, CBRE
- Data center demand exceeds expectations as H1 2026 absorption hits record 25 GW, JLL
- Q3 2026 U.S. Office Market Report, CBRE
- Q3 2026 U.S. Industrial & Logistics Market Report, CBRE
- Q3 2026 U.S. Commercial Real Estate Tenant Demand Report, TenantBase
This report is for informational purposes only and is not investment advice. Market data reflects information available as of Nov. 11, 2026; different research firms track different inventories, so figures can vary by source. TenantBase is a commercial real estate technology platform. Partner brokers are independent licensed professionals.