Atlanta Commercial Real Estate
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Overview of Commercial Real Estate in Atlanta
The capital and most populous city in the state of Georgia, Atlanta is a bustling, surging metropolis filled with art, culture, and a rich history. It’s no wonder that so many of the city’s 470,000+ residents call it home, living and working within reach of the busy confines of the downtown neighborhood.
Beyond the city’s center lies more than 240 unique and diverse neighborhoods, with the metropolitan area surrounding Atlanta itself featuring more than 5.5 million residents, earning its status as the ninth-largest metropolitan region in the United States. A popular tourism destination, Atlanta makes for a stunning urban adventure for visitors and residents alike.
For local businesses seeking office space for rent, or commercial space in general, Atlanta is a dense, competitive environment. However, the availability throughout the downtown, Midtown, and Atlantic Station neighborhoods continues to show promise, with Atlanta office space median rates resting at $40 per square foot/year.
Economy of Atlanta
Median household income in the city of Atlanta (as of 2016) is $49,398, a slight increase from the previous level of $46,000, signaling that economic growth in the city continues post-recession. However, the city’s median household income doesn’t significantly overshadow the rest of the state of Georgia, but there are various reasons for this. First, the city is much more affordable than other comparable U.S. cities. Second, many of the city’s wealthy residents commute from more affluent suburbs on a daily basis, choosing to call a neighboring, smaller city home.
Many of these commuters work in professional services in retail, administration, technical services, manufacturing, education, healthcare, finance, and business, but the city has a healthy supply of service-level jobs that round out one of the country’s healthiest job markets. The Coca-Cola Company holds significant sway in the city of Atlanta, but Georgia Tech and local entrepreneurs are changing the shape of the city to create a high-tech wonderland for up-and-coming businesses and industries.
Trends of Atlanta
A city embedded in art, history, and culture, Atlanta is at once traditional and progressive, constructing new commercial and residential buildings and promoting economic growth in multiple sectors at a staggering rate. A bastion of southern culture and history, Atlanta has taken a strong eye toward the future while remembering to honor its roots and traditions.
Recent investments in technology, infrastructure, and construction have attracted some of the world’s most talented workers to the city, and experts say that as the city continues to grow and shift toward more modern industries, rental prices for office space will continue to rise despite the economic opportunities that may justify increased overhead.
Atlanta has 3,116 commercial real estate spaces for lease, representing 31,411,663 sqft space.
524 buildings are available for sale.
In the past 30 days, Atlanta has had 643 spaces leased and 97 new spaces come on market.