Atlanta October 2023 – Key Takeaways
- Corporate Transparencies Act is going into effect on January 1, 2024. This is a federal law that was passed in conjunction with the federal crimes unit. It requires every new business entity, partnership, LLC to disclose ownership of the business by providing driver’s license, passport within 30 days of business formation. Every change in ownership or change of information will also have to be reported. Existing businesses will have to disclose this information by December 31, 2024. Fines will be $500/day. The reporting forms have not been created yet and the department where the information needs to be sent has also not been created yet. More information will be provided once know. (Menden Freiman)
- There have been some changes to the conservation easement laws. If you place an easement on your property, you now must wait 3 years to take the full tax benefit. Otherwise, the deduction is only what you paid for the property. (Menden Freiman)
- Leasing work has picked up. (Menden Freiman)
- You can be sued if your website is not ADA Compliant and doesn’t have ways for those who are blind, visually impaired, reading impaired, etc. to access the information on your site. Seems to be going after larger companies now, but something to be aware of. (Massell Commercial Real Estate)
- Have client looking to do all cash deals – Multifamily; Getting harder to make industrial deals work. (Massell Commercial Real Estate)
- Leasing is slowing down, as is office space, but seeing rental rates of $50+/sq ft for premium office space at Ponce. (Atlanta Leasing & Investment)
- We’re revamping our professional directory; have also partnered with Preqin to track over 15,000 funds at the property level on asset classes; people still seem to be nervous and are sitting on the sidelines; retail seems to be going strong right now. (CoStar)
- Doing a lot of reverse exchanges right now; still busy and volume is good. (Atlanta Deferred Exchange)
- Moving forward with putting a couple of retail properties up for sale; spending on a lot of time on the phone trying to drum up deals, but not finding any market to be selling. Retail has stayed strong and kept its value, but the interest rates force you to look at all cash deals. Still great buyers out there. (Full Circle Realty)
- Leasing has slowed severely (Full Circle Realty)
Automotive companies looking for space is a real issue; many cities don’t want them; new dealership was told they couldn’t have service bays – it wouldn’t get through zoning. License has to stay active. (multiple) - Doing some work for City of Atlanta and have a new client in Orlando, but have several clients who are pushing work out to middle of Q1 2024. (Capitol Photography & Video)
- Looking for three event spaces; one needs a full-blown kitchen; need stand along office buildings on South Side and an industrial building (7500 – 10k/sq. ft) for chemical company who wants to buy. (Rushman Moore Commercial real estate)
- Waiting on site planning company for development in Cobb County that will be multi-family/retail and for sale product. (townhomes) (SunBelt Syndications)
- Companies in industrial market are spending time beefing up marketing materials; and looking to increase their market effectives with their branding. (Tingen Creative)
- You have to permit – you can’t get a certificate of occupancy or a business license without it. (BA Barrett Construction)
- Have 3 new listings: automotive building near Lakewood Freeway; small building in Chamblee and investment deal in Northridge. (ATL Commercial Real Estate)
- Need warehouse space (7-10k sq. ft) for meat processing company; also need space in Norcross and South Atlanta. (Slutzky Realty Group)
- Doing a lot of sale/lease backs for companies right now. Free rent is back for tenants. Still seeing rent escalation in the 3-5% range. (Brennan Investment Group)
- No land out there that hasn’t been sold yet. Some activity with data center developments, but GA Power can’t tell them when they will have “x” megabytes of power so they can’t move forward. Georgia power has already allocated all of the power from the first reactor that’s come online. Lot of activity, but a lot of waiting. (A D Commercial Real Estate)
- Self-storage market has slowed – it’s taking a bit for it to balance out from the boom over the past few years. Have site in Winder on market; industrial building between Carrollton and Newnan. (Commercial Realty Services of West Georgia)
- Publix is expanding in Georgia – reviewed 6 proposed sites over the past 3 months. Publix requires that all dry cleaners who are in locations where they are going to be drop off/pick up only because of the huge environmental impact. (Apex)
- Due diligence has been on slower side since banks aren’t lending as much. RaceTrac and AutoZone are both growing and looking for properties. (Apex)
- Send me the address of a building you have a concern about, and I will review it on Google Earth and can give you a quick assessment. TOP roofs have a terrible history and are not a good option. (Water Barriers)
- Congratulations to Emmaline Michael who passed the bar!!!
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