Atlanta June 2022 – Key Takeaways
- Seeing more people pull out of contracts and seeing more litigation than I’ve seen in a long time, with people suing over contracts. (MendenFreiman)
- Haven’t seen any major foreclosures yet, but anticipating those will come soon. (MendenFreiman)
- Increase in the interest rates and not a corresponding rise in cap rates is making deals fall out; pinning hopes on rising rental rates. (multiple)
- Nothing’s stagnant any more; it’s just a matter of managing which thing is currently changing. (RPN)
- No slowdown in the demand for sites. (AD Commercial)
- Tenant demand is not slacking off for distribution space; single tenant retail cap rates are still compressed – supply and demand issue. (Knight Commercial Real Estate)
- As a small business needing to keep my pulse on the market – RPN is the place to be to hear and corroborate with others on what’s going on in the market. (Full Circle Realty)
- Things are moving and changing so quickly it’s hard to have a strategy. Seeing a lot of restaurants selling because cost of goods is eating away at their profits, particularly mom and pop restaurants.(Full Circle Realty)
- Market has shifted and shifted quickly; seeing 50-100 basis points higher on cap rates. Not seeing distressed properties yet, but it’s definitely coming. (Ten-X)
- Sellers who have a little bit of flexibility have more of an opportunity. Those wanting pricing from 90 days ago may get left in dirt. (Ten-X)
- Class A office buildings with law firms as tenants have 76-80% coming to work; parking lots are 85% occupied. Rental rates aren’t dropping. (Pinnacle Parking & Transportation)
- GA and FL have highest growth in number of EVs purchased. Expect GA to have as many EVs on the roads by 2030 as in CA and NY. (Invisible Urban Charging Limited)
- Will have 3.5 million chargers in US by 2030. We sold 128,000 chargers in GA in the past 12 months. (Invisible Urban Charging Limited)
- Looking to build a manufacturing site to build chargers here in the next 18 months. (Invisible Urban Charging Limited)
- Philosophy is to focus on helping the customer first; doing what’s in the owner’s best interest. (multiple)
- Sarah-Elizabeth Langford, Interim Director, Development Authority of Fulton County:
- Our goal is to increase tax revenue, jobs, economic opportunities and to help developers/business who want to locate/develop/expand in Fulton County. We want to be competitive and are always looking for the how to offer the competitive edge.
- Tools we use to this are:
- Tax incentives: currently offer a 10 year reduction in property taxes starting at 50% the first year, decreasing by 5% each year over the course of that 10 years. Looking to expand this to a 75% reduction over a 15 year period.
- REBA (Regional Economic Business Assistance) grants are incentives to help close the deal in the County.
- Community grant program – we use reserves to help allocate funds to projects in the community.
- We partner with other groups in the City/County to help developers and companies understand incentives and what options are available to make the opportunity work.
- We want to help you get to the people who make the decisions to get things done.
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