The city of Atlanta is the capital of Georgia. Ranked as the 33rd largest city in the US, it’s also home to the ninth largest metropolitan area in the country.
The Atlanta area has seen extreme growth in the past few years; the city has added over one million residents over an 8 year time frame. The city of Atlanta is known as a top business city and transportation center. Office space in Atlanta is home to the headquarters of Delta Air Lines, AT&T Mobility and The Coca-Cola Company.
The technology district in Atlanta gained an increase because companies like NCR, FirstData and Sony Ericcson all changed their corporate headquarters to the Atlanta metro area, which created over 2,000 jobs in Atlanta. Atlanta office space is home to the headquarters of many other major companies in and around the metro area including Waffle House, RaceTrac Petroleum, SunTrust Banks, Arby’s, EarthLink, Gentiva Health Services, Equifax, Georgia-Pacific, Oxford Industries, Chick-fil-A, Southern Company and Mirant. The 4th largest combination of Fortune 500 companies inside city limits can be found in the city of Atlanta.
Atlanta office space has been seeing a lot more leasing activity, with a lot more deals being worked on. Move-ins have exceeded move-outs, with total occupancy increasing by the tens of thousands. Atlanta still has plenty of office space available. And, now is an ideal time to plan for the future as the major office market areas are all pushing a 20% vacancy. Plus, landlords are willing to negotiate deals in order to get their vacancy rates down. Corporate profits are on the rise, and businesses are beginning to take advantage of favorable market conditions to realize both short- and long-term cost benefits.
As most economists are predicting though, the road to recovery will be a slow one. The same can be said for Atlanta’s office market going forward. Atlanta has always been one of the leading regions of growth in the nation. Taking all factors into account, including forecasted job growth, forecasted leasing activity and spotty industry growth, office space absorption in Atlanta is likely to be negative yet again soon.
Learn more about Atlanta Office Space.
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