Cousins Properties said its portfolio was 92.8% leased in September 2026, up from 89.4% at the start of 2017, while occupancy stood at 92.8% versus 89.4% in 1Q17. The company’s quarterly leasing pipeline reached 1 million square feet in negotiations or already signed quarter-to-date, and quarterly leasing volume had climbed back to near-record levels.
The Atlanta-based office REIT said asking rents across its core Sun Belt markets were 35% above the class A average, with Cousins asking rents 28% higher than pre-pandemic levels and net effective rents 33% above pre-pandemic levels. Annualized net effective rent reached $30.20 per square foot in 2026, up from $22.64 in 2017.
Cousins’ portfolio totaled 22.3 million square feet with an average building age of 2014, and 76% of portfolio NOI came from assets developed or redeveloped since 2010. The company said its average portfolio age had been cut to 12 years from 28 years through asset recycling.
On the balance sheet, Cousins reported $1.1 billion of liquidity, including $89 million of unsettled forward equity, and net debt to EBITDA of 5.6x, which it said was the lowest in the office sector. The company also said it had raised $1.9 billion of public debt since receiving its inaugural investment-grade rating in 2024.
For growth, Cousins said it sourced more than $1.4 billion of new investments since 2024, recently delivered 903,000 square feet of development, and has a land bank supporting 5.1 million square feet of additional office or mixed-use development. It also said it has increased cash rents for 49 consecutive quarters and is forecasting earnings growth of 9.7% between 2024 and 2026.
Market by market, the company’s portfolio was 97% leased in Austin and Phoenix, 98% leased in Dallas, 97% leased in Tampa, 92% leased in Atlanta, and 82% leased in Charlotte. Average asking rents ranged from $51.30 per square foot in Atlanta to $79.12 in Dallas, with Austin at $64.90, Phoenix at $62.36, Tampa at $53.61 and Charlotte at $55.09. As a result of these announcements, the company's shares have moved 0.72% on the market, and are now trading at a price of $28.14. If you want to know more, read the company's complete 8-K report here.
