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Atlanta Commercial Real Estate In-depth
Atlanta, the capital and most populous city in Georgia, is also the 9th most populous metropolitan area in the United States. Atlanta is home to the world’s busiest airport and the 5th largest concentration of Fortune 500 companies in the nation as well as more than 75 percent of the Fortune 1000 companies. Atlanta accounts for over t...
Atlanta Commercial Real Estate In-depth
Atlanta, the capital and most populous city in Georgia, is also the 9th most populous metropolitan area in the United States. Atlanta is home to the world’s busiest airport and the 5th largest concentration of Fortune 500 companies in the nation as well as more than 75 percent of the Fortune 1000 companies. Atlanta accounts for over two-thirds of Georgia’s economy and is the 18th strongest economy in the United States.
Atlanta commercial real estate is a regional, national and global center for business operations of all kinds – from headquarters to life sciences to distribution centers and traditional manufacturing. While the Coca-Cola Company wields considerable influence in Atlanta —much of it in areas outside its immediate manufacturing concerns—no single industry or firm truly dominates the local economy. Service industries employ the largest number of workers, but trade and manufacturing are also important elements. Having such diversity, Atlanta has been slower to suffer a downturn and quicker to recover from any temporary setback than many other major American cities. Within the last decade, Atlanta is the second fastest growing area of the United States.
Notable corporations headquartered in the Atlanta Metro Area utilizing Atlanta commercial real estate include BellSouth, Delta Airlines, Home Depot, UPS, and Georgia-Pacific, among many others.
Atlanta commercial real estate offers many incentive programs for both new and existing companies. Georgia has the reputation for being a strong pro-business state. Many new companies have relocated to metro Atlanta and have either built new facilities or converted vacant commercial real estate in Atlanta. The many local and state business incentives offered have encouraged these company moves as well as expansions of local firms.
The Atlanta commercial real estate market offers many growth and expansion opportunities to both large and small companies with the multitude of incentives and quickly expanding markets. Atlanta's research universities are on the cutting edge, its quality of life is second to none, and the cost of doing business is the second lowest in the country. Atlanta commercial real estate can offer many benefits, as a city consistently ranked among the top major U.S. metropolitan areas for working, living, and playing. Atlanta is noted for its pro-business environment and its reputation as a high-value location for corporations.
According to brokerage sources, the Atlanta commercial market contains a total of approximately 1,051,675,654 (Office, Industrial, Retail) with approximately 149,072,083 square feet or 14.17 percent vacancy. With the positive absorption of approximately 452,188 square feet at the close of the second quarter of 2010, the commercial market in Atlanta is showing an encouraging trend for the remainder of the year.
Recent accolades the city of Atlanta has received include: ranked 5th by Fortune Magazine for “Top Cities with the Most Fortune 500 Headquartered Firms” (2008), ranked 2nd in U.S. as least costly large city for business by The Boyd Company (2007), ranked 1st by Kiplinger magazine as “Best Cities for Married with Kids (2007), and Forbes “Most Wired Cities” (2008), ranked 3rd by KPMG’s “Top Cities With Tax Structures Favorable to Business” (2008), 4th in Forbes “Best Cities for Jobs in 2008”, and 3rd in Forbes “America’s Fastest Growing Large Metros” (2008).
Though Atlanta’s commercial market, like many other major metropolitan areas, suffered through the economic downturn, the Atlanta commercial property environment has consistently proven to be one of the top in the nation, with ample state and city incentives to promote growth, expansion, relocation, and new business in the fast growing Atlanta Metropolitan Market. With the positive absorption trends, it is a good sign that the Atlanta commercial market as a whole is stabilizing and we anticipate the positive absorption to continue to grow.
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