The Atlanta, Georgia office market, valued at $61.5 billion, reflects the challenges and opportunities of navigating financial distress in commercial real estate.
CoStar data reveals that Atlanta’s current 17% office vacancy—its highest on record—is putting mounting financial pressures on property owners.
However, this distress can serve as a catalyst for unlocking significant tax savings. For diligent investors, particularly in markets like Atlanta, appealing property taxes can be a strategic move to preserve cash flow and improve returns.
Recent shifts in the Atlanta market paint a complex picture.
Leasing activity is rising, with the Q2 of 2024 having the highest number of signed leases since early 2022.
Larger leases have gained traction, with average deal sizes for spaces over 20,000 square feet, a 36% increase compared to 2023.
Meanwhile, major employers such as UPS, Amazon, and The Home Depot have implemented five-day return-to-office (RTO) policies for 2025, suggesting a slow but steady rebound in office space demand.
At the start of 2024, overall office availability in Atlanta was 19.3%. Over the next three quarters, it dropped about 70 basis points to 18.6%.
However, this momentum has not been evenly distributed. During that same period, high-end 4 and 5-star office building availability declined by 110 basis points to 29.4%. Still, mid-tier and older properties continue to struggle with declining occupancy and rental rates.
Even though the market appears to be stabilizing, office vacancy in Atlanta is nearly 17%, the highest on record for the area.
Over 30% of leases signed before April 2020 have yet to expire, and as these tenants approach renewal, many are downsizing their spaces. The financial strain on property owners, especially those managing older buildings, has become a defining challenge in this post-pandemic market.
Are You Overpaying on Property Taxes?
This is where property tax appeals come into play. Many buildings in Atlanta are still assessed at pre-pandemic values, which often fail to account for the financial realities of higher vacancies, lower rents, and increased operating costs. These discrepancies can lead to significant overpayment on property taxes.
For property owners, appealing taxes requires careful preparation. Key factors include:
Documenting the impact of declining market rents
High vacancies
Increased concessions on property income
Moreover, comparing assessments to similar properties with lower tax burdens or demonstrating the broader decline in market valuations can build a strong case for reducing tax liability. While the process can seem daunting, it offers a rare opportunity to transform financial distress into measurable savings.
Take, for example, Atlanta’s older office stock. These properties face the dual pressures of lower demand and higher operating costs, making them prime candidates for tax reassessment.
A successful appeal reduces immediate costs and improves the long-term financial stability of these assets, making them more competitive in a challenging market.
Protest With Property Tax Experts
Navigating property tax appeals isn’t a solo endeavor, especially in a market as dynamic as Atlanta. This is where expert partners like Ownwell can provide critical support.
Combining deep market expertise with data-driven insights, Ownwell helps property owners save on taxes by building a strong appeals case and appearing before your county’s Board of Equalization (BOE).
Don’t let outdated assessments add to your financial stress.
Call Ownwell today to connect with a property tax consultant with specific expertise in your county. They’ll help uncover hidden savings, navigate the appeals process, and position your portfolio for long-term success. Every dollar saved is a step closer to turning distress into opportunity.
Don't wait. Schedule a call today!
