Atlanta August 2023 – Key Takeaways
• It’s been a surprisingly busy summer; deals are getting done, and things are all over the board: some parts are going well, others not so well. Estoppels do matter, so pay attention to them and do your research before signing them. (Menden Freiman)
• Not seeing much of a slowdown; seeing a little bit of a slowdown in buying, but not much. (McGuire Sponsel)
• Acquisitions are still a struggle, other than the few groups out there with tax exchanges. People are still sitting on the sidelines with regards to development and definitely seeing market rents going up. Its activity with smaller spaces and smaller deals are still getting done. More and more tenants are asking for LED lighting. (Brennan Investment Group)
• Developing marketing materials for a hospitality client and using AI to help facilitate and generate those concepts. (Tingen Creative)
• Just sold a medical office property with Nathan. Clients have decided to hold off on listing other properties for sale right now. (Full Circle Realty)
• Things are going well – have leased most of what I had on market, so need to get more signs up because signs generate activity. (ATL Commercial Real Estate Inc.)
• Interest rate increases have dampened enthusiasm on acquisition and development side of self-storage. Wise investors are looking at markets that will be good in two years from now. Many owners not wanting to sell right now because of interest rates, so using the slower time to focus on advertising, marketing, and nurturing/building relationships. (Commercial Real Estate Services of West Georgia)
• It’s important to plan for deals on the front end to avoid and prevent issues on the back end. Happy to help make introductions re: buy/sell companies. (Carr, Riggs & Ingram)
• On the land side, deals are still getting done but it’s got to be something that’s really good as compared to what you might have seen 2 years ago. Seeing deals get done where there are long-standing relationships between parties. (A D Commercial Real Estate)
• Seeing most of the current opportunities in retail/industrial space, manufacturing, distribution, coffee shops, convenience, and grocery stores. Lots of data center work coming here from mid-Atlantic area. (Bohler)
• Seeing a pickup of work (from the first of the year), on the leasing side of things. Recently the relationships between borrowers and lenders has changed. Borrowers are intentionally defaulting on loans knowing that the lender doesn’t want it back, so it gives the borrower great negotiating power that it didn’t have before. Could have permanent economic impact both nationally and internationally. (Sheley, Hall & Williams, P.C.)
• On brokerage side, smaller transactions are still happening. Starting to see rental rates double with a quick turnaround on renewing or your out. Very active market with smaller leases, too. On the development side I’ve learned that you can’t push Georgia Power around.(Atlanta Leasing & Investment)
• All commissions are negotiable – that’s the law. (multiple)
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