Atlanta December 2023 – Key Takeaways
• Several deals in due diligence hoping to close by the end of the year. See a good bit of internal transfers v. buyer/seller situations. Also working on several conservation easements (Menden Freiman)
• Self-storage has been active recently. Also have several development sites on the market. Lot of activity going on 1-20 exit 5. (Commercial Realty Services of West Georgia)
• In taking a historical look back 20 years and looking ahead 10 years, there is always a surge after a downturn. Experts are predicting that things should start to pick up in the second half of 2024 (CoStar Group)
• Many groups are looking to get rid of their holdings: office buildings, etc. also seeing a lot of retail being sold. Weird stuff is going on. (Beechwood Hill Partners)
• Busy working on lots of smaller things. Two franchises continue to expand. Also working on a Food Hall on Moreland – $8million project; starting soon a detox center in Fayetteville. We do everything from soup to nuts and are proud to work with our clients, listen to their needs and take care of the total project for them. Project that stalled during COVID has now started back up; seeing other projects start that were “paused” during COVID. (BA Barrett Construction)
• It’s been a tough year, but hopefully things will start happening with the anticipation that interest rates might start going down after the Feds announcement this week. Not seeing many banks move their rates down yet though. (Target Rock Partners)
• Staying busy with Science and Technology buildings (Structor Group)
• Lot of people with money on sidelines waiting for rates to start dropping. Have found local banks who are willing to lend, as they understand their smaller market. Have some clients aggregating capital to buy and repurpose some of the vacant office buildings around Atlanta. Have a steady pipeline: major retailer already planning projects for 2025, good activity with some local developers, a couple of land listings around town and a good amount of retail and flex investors looking to find properties. (Massell Commercial Real Estate)
• Good year closing land sales, office buildings and retail sales in Roswell. The GA 400 corridor is booming – properties selling, getting developed, lots of growth and activity in that corridor. Larger groups are trying to get out in front and are buying distressed debt or office buildings; MF investors are active, but strain on interest rates have kept many projects from moving forward. Should see many of those buyers being very active next year. (Massell Commercial Real Estate)
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