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Regional Summaries

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Atlanta, GA

Apartment
The Atlanta apartment market vacancy rate ended the first quarter of 2017 at 4.4%, up fully 50 basis points since year-end in response to the sudden negative turn seen in net absorption. With an explosion in new supply deliveries expected for 2017, the vacancy rate is projected to show additional increases before the year is out. Reflecting construction completion totals at the high end along with high occupancy and strong demand, rent growth exploded in 2015. Increases of fully 8.1% and 8.0% were calculated for the average asking and effective rents for that year. Respective growth rates nearly as high—7.2% and 7.5%—followed in 2016. A slowdown in growth that emerged in the second half of last year, however, has carried over. Asking and effective averages at $1,098 and $1,006 per month for the first quarter of 2017 represented gains of only 0.8% and 0.7% for the period. VIEW APARTMENT LISTINGS >
Industrial
As a major national logistics and distribution hub, metro Atlanta plays host to 355.6 million square feet of warehouse/distribution space, with more on the way. Even with volumes of newly delivered supply increasing annually, the vacancy rate in the warehouse/distribution market has been declining through recent years. Indeed, the performance in 2016 was truly impressive: even with more than 9.7 million square feet of new space coming online, the rate shed 30 basis points to close the year at 12.1%. By the end of the first quarter of 2017, it had slipped to 12.0%. In 2016, growth rates increased somewhat—and are expected to do so again this year. At $3.89 psf and $3.45 psf, first quarter 2017 asking and effective averages were up 0.8% and 0.6% for the period following gains of 2.9% and 3.3% in 2016. VIEW INDUSTRIAL LISTINGS >
Office
Atlanta plays host to a major general purpose, multi-tenant office market counted by Reis at 143.8 million square feet at the end of the first quarter of 2017. Modest but temporary negative net absorption during the first quarter pushed the vacancy rate to 18.2%, a gain of 30 basis points for the period following a loss of 100 through 2016. At $24.21 psf and $19.18 psf, average asking and effective rates for the first quarter were up 0.7% and 0.6% for the period after gains of 4.4% and 4.6% reported, respectively, for the average asking and effective rates for 2016. VIEW OFFICE LISTINGS >
Retail
Vacancy in the Atlanta community-neighborhood shopping center market, slipping gradually for an extended period, did so again during the first quarter of 2017 amid favorable, if moderate, rent growth. By the end of the first quarter of 2017, the rate had slipped to 11.0%, a decline of 10 basis points for the period following 2016’s 80-basis-points loss. Rent growth in the community-neighborhood center market, weak at about 1.0% per year on average in 2013 and 2014 (and still weaker earlier), improved in 2015 and did so again in 2016. A moderate slowdown is under way and anticipated for 2017, however. At $18.45 psf and $16.17 psf, first quarter average asking and effective rates were up 0.5% and 0.6% for the period following increases of 2.9% and 3.1% in 2016. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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