Atlanta February 2022 – Key Takeaways
• Casino legislation will be on the ballot in November. If legislation passes a Gaming Commission would be formed and the Georgia Lottery would roll up under it. The Commission would make recommendations to the General Assembly and RFPs would go out from the Gaming Commission. Georgia would receive over a half billion dollars in tax revenue. Savannah casino deal is done; other areas include Atlanta, I-85 and I-75 corridors, Columbus, Augusta and I 95 Georgia/Florida line. (City Commercial)
• Steve Massell has launched a new bi-weekly newsletter called the Georgia 100 featuring real estate investment and development news and deals around the state. Focus is on top 5 markets and next 10 tertiary markets. Send articles, deal information, etc. (Massell Commercial Real Estate)
• Former Zesto’s in Little Five Points (an Atlanta icon) recently sold above list price of $1.4 million. Top 10 offers were from restauranteurs and vape shops. (Massell Commercial Real Estate)
• Industrial sector is still going strong; Savannah, in particular, is hot, particularly if you are near the port (industrial land going for $300k/acre). (Knight Commercial Real Estate)
• Can now pre-sell industrial/warehouse buildings before you build it. (Knight Commercial Real Estate).
• Receiving multiple lease offers on small flex space; with the vacancy rate lower than its been in decades and no new buildings in last 4 quarters, offers are way over asking price. (McWhirter Realty).
• Land prices are still off the charts. (William B. Hare Company)
• Lot of money chasing self-storage (Commercial Realty Services of West Georgia).
• Highlights from Mike Carnathan’s presentation
o By 2050 there will be over a million people living in this region who are over the age of 75
o Population for this region will go down due to the pandemic – we will have to grow talent through education and workforce systems
o There are more real estate agents than homes for sale
o Biggest threat to the vitality of this region is housing prices.
o What’s trending on Google: Labor shortage, remote work, inflation
o The number of unemployed persons per job opening is lowest we’ve seen in two decades and we are seeing the highest quit rates.
o Will be interesting to see what the impact of teleworking will be
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