Atlanta Janaury 2024 – Key Takeaways
The year started off slowly, but within the past week things have ramped up. Lots of restaurant leasing activity, 3 non-franchise restaurants in the works now. Lending still seems to be non-existent; refinance and deals closing are not going well. (Menden Freiman)
Lot of new businesses are forming. The Corporate Transparency Act is now in effect. All LLCs in existence prior to 12/31/2023 have until 12/31/2024 to report their information. Any new LLC formed after 1/1/2024 has 30 days to report their information. Any change (address, etc.) made must be reported within 30 days of the change or you are subject to $500 per day fine. Menden Freiman has started adding language to all its operating agreements putting the responsibility on the individual person who has a change of any kind. For more information: https://boiefiling.fincen.gov/fileboir and the Beneficial Owner Information reporting requirements can be found: https://www.fincen.gov/boi (Menden Frieman)
Corporate Transparency Act has had a huge impact on exchanges. Have exchanger looking for specific property: 5000 square feet or more of office space or land to build such office space in Monroe or Bethlehem, GA (Atlanta Deferred Exchange)
Great opportunity with listing on Roswell Road in Buckhead – south of Habersham, Piedmont and Roswell Road. Site is prime for redevelopment (4.75 – 6.25 acres). (Massell Commercial Real Estate)
World has changed in industrial market. A year ago, industrial was the hottest item in town; net absorption has now gone down to where we were in 2012. Last year was the largest delivery of industrial product so there are lots of empty buildings around. (Brennan Investment Group)
Timing is everything. The industrial buildings being delivered now were started a year ago; there are no new starts now, so there is space out there and the demand for it is starting to pick up. Three small industrial buildings we have in Cartersville just leased at $8.50/sq. ft. triple net – sold in 90 days. (Knight Commercial Real Estate)
Right now, we are just sitting on a couple of properties we purchased last year, waiting for things to pick up. We will be starting a project in Amarillo, TX next week for Pepsi/Frito Lay. (Knight Commercial Real Estate)
Cap rates are still elevated; financing market has not improved – banks are still not lending, unless you have a personal relationship with the bank. (Knight Commercial Real Estate)
Lot of activity in the data center space, particularly for big projects. Companies are willing to go wherever they can get enough power, even moving to rural areas (A D Commercial Real Estate)
Hard to determine which direction we are headed. As a JLL economist said, remember, we’re in the 2nd or 3rd inning of the game. Seeing companies give back billions of dollars to the bank in NY office space (Keystone Valuations)
101 International Boulevard has been on the market for over 10 years. Owner is now re-vamping space for smaller tenants. It’s one of the tallest buildings near the airport on 18 acres of land. (JLL)
Help companies with emergency readiness plans that can save clients large amounts of money. Can also provide recovery, restoration, clean up and build out globally. (BELFOR Property Restoration)
Greenville and Spartanburg, SC are hopping. New restaurants, new stadium, lots going on. Message to all: FOLLOW UP! Things won’t happen if you don’t follow up with your leads and contacts. (Real Professionals Network)
This cycle is different from some of the ones we have gone through before, particularly with financial institutions – really tightening up and don’t seem to care about existing relationships, etc. Things are definitely slowing everywhere, but certain parts of the country (Chicago) are taking more of a hit than the Southeast (Real Professionals Network)
1975 Sylvan Road has a mechanic shop, a tow truck company and a family-owned BBQ restaurant. Selling for $700k. Great opportunity (ATL Commercial Real Estate)
100 Tower Place is turning 50 years old this year. They are getting smaller spaces ready to lease as companies downsize or less staff coming into the office every day (Capitol Photography & Video)
Publix continues its expansion and are purchasing properties with ground leases. WaWa, a company out of Pennsylvania, which is similar to RaceTrac/QT is expanding in South Georgia and Florida. (Apex Companies)
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