Atlanta Intown April 2021 – Key Takeaways
- Most single family buildings are about 45 miles outside the Atlanta urban core. Since 2012, home prices have increased 85%; expect an increase of 7% in this next year. Atlanta is not overbuilt in terms of single family homes and apartments. (Walker & Dunlop)
- Employment in Atlanta should be back or surpass pre-COVID numbers by year-end 2021. We have recovered 93% of jobs lost since last March. (Walker & Dunlop)
- Atlanta is one of top absorbers (#3 in nation) of apartment buildings and #1 in the multi-family market post-COVID. Multi-family investment sales market is very healthy. (Walker & Dunlop)
- Construction costs continue to increase. Steel prices increased 100% in the past year; most of that increase has been in the past 90 days. Home Depot Pro’s material quotes are only good for 7 days due to pricing increases. Hope to see prices stabilizing or going down by end of summer. Lock your prices in now. (Multiple)
- Casino deals are “papering” up and hope to have 5-6 under contract soon (Rick Lackey).
- Dollar Generals and Dollar Stores continue to be a strong asset, regardless of economic cycle. Dollar General in Lavonia purchased a vacant Fred’s: 10,000 sq. ft. will go towards the store; other 6,000 sq. ft. will be regional warehouse facility to include last mile inventory. (Newburger Andes)
- Recently sold 15 million sq. ft of industrial space in Lithonia. All industrial/multi-tenant warehouse space is hot – no issues with rent collection. (Newburger Andes)
- Have client looking for back kitchen/commissary space and another client looking for Chick fil A in Georgia. (Slutzky Realty Group)
- An environmental summary prepared from the seller’s perspective is a new marketing tool that is bringing some success in selling properties that have some environmental issues/concerns; have seen success in helping sellers get over the hurdle of a problem property. (Kazmarek, Mowrey, Cloud, Laseter)
- Little used and not well-known fact about the Georgia Brownfield law is that parties other than prospective purchasers can apply to the program. Any party, including the seller or even an owner who doesn’t want to sell can apply to enter the Brownfield program. (Kazmarek, Mowrey, Cloud, Laseter)
- Employer Retention Credits – It’s worth looking at this to see if your business qualifies. (Cherry Bekaert)
- Biden’s plan for Greenspace is encouraging. People who own land need incentives to sell or protect it. Conservation easement groups are seeing deals/interest: double the deals this year from last year. (Cherry Bekaert).
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