MARKET SPOTLIGHT: CUMBERLAND CID
By Peyton McWhirter, SIOR
The Cumberland submarket, although only 6.5 square miles, contains over $4.3 billion in total real estate assets and continues to have an enormous impact on Georgia’s economy. Located in Cobb County, the submarket is headquarters to many Fortune 500 companies including the Braves, Home Depot and The Weather Channel. Cumberland has four major interchanges that provide unparalleled access to the market and has one of the best circular road systems of any Atlanta submarket.
Seventeen percent of Cobb County’s jobs reside in the Cumberland submarket. The area is evolving into a community that offers upscale hospitality, diverse leisure and entertainment, attractive housing and fast-paced businesses. More than 5,600 residential units are in varying planning stages, including Galleria 800 Apartments, a multi-family Childress Klein development delivering 284 units. While development opportunities continue, the market is maintaining a commitment to the environment and recently announced that it tripled its greenspace from 264 to 840 acres.
There are 27.2 million square feet of office space in the market, with an average rental rate of $25.41 per square foot. In 2019, the market saw overall positive absorption. McWhirter Realty Partners has various listings in the market for either sale or lease