Atlanta May 2022 – Key Takeaways
• Network-wide meeting in Raleigh was a huge success. Some key facts from the speakers: (Real Professionals Network)
o Labor shortage will be biggest problem.
o 52% of all young men ages 18-28 live at home and a high percentage of them don’t work.
o Real challenge is in having enough people to do lower paid changes – there are just not enough people to do all of those jobs.
o Those unemployed between ages of 55 and 65 are probably not going back to work.
o Hunt Library at NC State was highlight tour: books being checked out in main part of the library are delivered by robots.
• Identified 165 acres for an urban redevelopment project that will focus on workforce housing for people who work in the City of Atlanta but can’t afford housing there. (Rick Lackey)
• After selling all of our industrial properties last fall for $100 million, exchanging $70 million, now focusing only on single tenant retail. (Newburger Andes)
• Family Dollar bought Dollar Tree and they will be branded together as DollarTree/Family Dollar. (Newburger Andes)
• Industrial is still hot – no end in sight; can’t build it fast enough. (Newburger Andes)
• Self-storage has become quite the asset class: private equity funds are acquiring the properties as fast as they can, which is driving prices up. (Commercial Realty Services of West Georgia)
• Since industrial space is so hard to come by, many small contractors are moving to self-storage (painters, landscapers, general contractors). (Commerical Realty Services of West Georgia)
• Developing smaller industrial spaces into small retail/office space. (Oakhurst Realty)
• East Point is becoming a hot market. (Oakhurst Realty)
• Triple net fees are increasing because of increase in property taxes. (Slutzky Realty Group)
• TenX – auction marketing platform owned by CoStar is a great way to get fresh eyes on a deal from a wider audience. Ten-X does front end work with broker and the inspection report, Phase I assessments, title search. All online and roughly 80% of deals close; average deal size in 2021 was just under $4 million; largest deal was $96 million. (TenX)
• Check out www.battleofthebids.com, register to win cash.
• Land is still booming, but starting to see some changes; people walking from deals because land prices continue to increase, material costs are increasing and materials are hard to come by, leading to design changes mid-project. (AD Commercial Real Estate)
• Speculation that diesel fuel may go up an additional $6/gallon over next several months. (AD Commercial Real Estate)
• Seeing some success on the leasing side of our digital marketing campaigns, getting some momentum in Atlanta and gaining traction from some of the larger brokerage houses, like JLL, CBRE. (CoStar)
Recent Comments