As an organization, the Downtown Development Authority of Augusta is committed to working with the local real estate community for both reporting and new leasing opportunities. Recently, DDA Board Member and commercial realtor Phuong Nguyen presented the office submarket report for Downtown Augusta, GA. The following data is based on transactions within the past 3 years.
On the leasing side, occupancy rate is around 74% and is forecasted to slowly decline in the upcoming years.
Vacancy rate has increased by 6% (from 19.16% to 25.54%) within the past calendar year.
Despite the increase in vacancy, the market rent per square foot has not shown down. It has steadily increased from $21.79/sq. ft. to $22.25/sq. ft. It is forecasted to slightly increase in the next couple years and plateau in 2024.
On the sales side, market sales price per square foot has been stable around $163 per sq.ft. Class A properties are trading at a much higher average – just north of $220 per sq. ft. Market cap rate has been on a slow incline from 8.5% to 8.6%. A majority of the purchases is comprised of 85% private buyers, while 15% consists of institutional and user purchasers.
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Executive Director, Downtown Development Authority of Augusta