The Atlanta Commercial Real Estate Market

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Atlanta’s commercial real estate opportunities, skyrocketing population, and business-friendly environment lure investors and tenants nationwide to its thriving metropolitan hub.

Thanks to its sprawling mileage and host of CRE inventory, Atlanta serves as one of the nation’s most viable markets. Both investors and expanding businesses can recoup valuable returns on their investments. Crexi equips these searching parties with every tool they require to find the best possible commercial property for their needs. 

Buyers and tenants seeking Atlanta commercial buildings harness Crexi’s robust search tools and massive marketplace to find the best possible property investment. Additionally, Atlanta-based brokers and those representing Atlanta property for sale utilize Crexi’s listing and lead management software to directly connect with interested buyers or tenants. Thanks to Crexi’s suite of broker tools, Atlanta commercial agents can save time, discover hundreds of leads, and manage listings more efficiently.

Crexi has facilitated over $540 billion in successful property transactions and marketed over half a million commercial properties worth over $5 trillion in total. 

Crexi proudly serves Atlanta, Sandy Springs, Fulton, Hapeville, and Fulton County as the region’s fastest-growing digital CRE platform.

the skyline of Atlanta

The State of Commercial Real Estate in Atlanta

Atlanta, a city of contrasts where Southern charm meets urban sophistication, is the bustling capital of Georgia. Known for its rich history, diverse culinary scene, globally recognized attractions, and thriving arts and entertainment sector, Atlanta is a multicultural hub that never fails to surprise.

Its globally recognized attractions and professional sports scene amplify the city’s dynamism. But what truly sets Atlanta apart is its remarkable capacity for growth and transformation. The city’s population growth is a testament to its attractiveness and a significant driver of its economic vitality.

Population increases and economic development share a symbiotic relationship, each influencing the other profoundly. As the population grows, the labor force expands and increases demand for goods and services, thus driving economic growth. Conversely, economic development attracts more people, further fueling population growth. 

This growth cycle creates a vibrant and dynamic environment that fosters innovation and entrepreneurship, making Atlanta an appealing destination for commercial real estate investors, business owners, residents, and visitors alike.

Atlanta Regional Breakdown

Over the long term, the city has consistently attracted new residents, with its metropolitan area becoming one of the fastest-growing in the nation. This trend has continued in the short term as well, with the city adding a significant number of residents annually. Factors contributing to this growth include Atlanta’s robust economy, thriving job market, rich cultural scene, and high quality of life.

  • Atlanta is home to 499,000 in the city and more than 6.1 million in the metro area.
  • Metropolitan Atlanta is the 8th largest US metro and includes the cities of Decatur, Alpharetta, Roswell, and Sandy Springs.
  • The population has surged by nearly 19% since 2010.
  • The 21-county region is projected to grow to 7.9 million by 2050.
  • The largest counties by population are Fulton, Dekalb, Gwinnett, Cobb, and Clayton.
  • The median age is 37.2 years, a little less than the figure in the US.
  • Per capita income is $39,904, about 10% higher than Georgia’s.
  • Median household income is $77,589, about 20% higher than the state overall. 
Xfinity stadium in Atlanta, a center for retail and other commercial businesses

Atlanta Job Market

Atlanta’s dynamic economy continues trending upward. The job market is poised for significant expansion over the next decade, underpinned by a diverse mix of industries and the presence of numerous Fortune 500 and Inc. 5000 companies. With a well-educated workforce and a strong emphasis on STEM professions, the metro area continues solidifying its position as a leading economic hub in the US.

  • Gross domestic product is nearly $474 billion and has been steadily increasing over the past 20 years, based on data from the St. Louis Fed.
  • The unemployment rate is 3.3% (BLS May 2023), with an employed labor force of over 3.1 million.
  • Key industries include supply chain and advanced manufacturing, creative industries, technology, cleantech, life sciences and healthcare.
  • Atlanta is home to 31 Fortune 500/1000 company headquarters, over 200 Inc. 5000 company headquarters, and over 330 US and North American headquarters for international business.
  • The largest employers in Atlanta (based on full-time workers) are Emory University, Delta Air Lines, Northside Hospital, Piedmont Healthcare, and The Home Depot.
  • Atlanta ranks as the 4th best city for STEM professionals and the 24th-best city for jobs in the US, according to research by WalletHub.
  • The best colleges in the Atlanta area are the Georgia Institute of Technology, Emory University, Agnes Scott College, Spelman College, and Georgia State University.
  • Over 42% hold a bachelor’s degree or an advanced degree, about 20% higher than in the US.

Atlanta’s transportation infrastructure includes the Hartsfield-Jackson Atlanta International Airport, one of the busiest airports in the world, a network of interstate highways including I-20, I-75, I-85, and I-285, and the Metropolitan Atlanta Rapid Transit Authority (MARTA).

Atlanta Industrial Market

The Atlanta industrial market is flourishing, driven by a growing labor force, accessibility, and a pro-business climate. Even amid economic uncertainty and supply chain issues, it remains a magnet for manufacturers and suppliers, especially in the electric vehicles, batteries, and hydrogen power sectors. Demand is strong across Atlanta, with large and smaller transactions contributing to the leasing total.

A mural that says "Atlanta made"

Market overview (Lee & Associates Q2 2023

  • Inventory: 808,883,501 SF
  • Vacancy rate: 5.1% overall
  • Absorption: 11,840,437 SF (12 month)
  • Under construction: 36,225,608 SF 
  • Largest submarkets: South Atlanta, Northeast, I-20 West/Fulton, Northwest

Crexi Intelligence

These are the most recent Atlanta industrial lease and sales trends from Crexi Insights (as of August 2023):

For Lease (active)

  • Asking rate/SqFt (median): $12 per year
  • Median SqFt/listing: 13,000
  • Days on market: 146
  • Total listings on Crexi: 135 spaces

For Sale (active)

  • Median asking price: $3.5 million
  • Price/SqFt: $124
  • Asking cap rate: 6.3%
  • Days on market: 207
  • Total listings on Crexi: 19 listings for a total of 433,000 SF

Sales Comps (past 12 months)

  • Median sold price: $3.45 million
  • Sold price/SqFt: $149
  • Total sales volume: $514 million
  • Sold cap rate: 2.2%
  • Median SqFt sold/transaction: 19,300
  • Total SqFt sold: 2.55 million
  • Days on market (median): 112

Discover Atlanta industrial space for lease.

Atlanta Office Market

Skyline and downtown Atlanta commercial real estate buildings

The office market in Atlanta commercial real estate is experiencing a transformative phase, driven by the rising demand for flexible and hybrid-centric office spaces, particularly in areas like Midtown. This shift mirrors changing work patterns and preferences. 

In the upcoming year, a balance between tenants’ leverage in long-term lease negotiations and some stabilization in rent prices is anticipated, according to Cushman & Wakefield.

Market overview (Cushman & Wakefield Q2 2023)

  • Inventory: 156,809,405 SF
  • Vacancy rate: 23.2%
  • Leasing activity: 2,695,321 SF
  • Absorption: -1,627,280 SF (YTD)
  • Key leases by tenant: Primerica Life Insurance 344,476 SF, Deloitte 93,575 SF, OneDigital 70,445 SF, Nolan Transportation Group 62,156 SF
  • New construction: 1,998,207 SF under construction
  • Largest submarkets: Central Perimeter, Northwest Atlanta, Midtown

Crexi Intelligence

Crexi provides up-to-date data on the Atlanta office market. Here are the most recent lease and sales trends (as of August 2023):

For Lease (active)

  • Asking rate/SqFt (median): $6 per year
  • Median SqFt/listing: 78 SF
  • Days on market: 84
  • Total listings on Crexi: 1,591 spaces

For Sale (active)

  • Median asking price: $1.4 million
  • Price/SqFt: $236 
  • Asking cap rate: 7.8%
  • Days on market: 194
  • Total listings on Crexi: 45 listings totaling 427,000 SF

Sales Comps (past 12 months)

  • Median sold price: $1.47 million
  • Sold price/SqFt: $200
  • Total sales volume: $1.34 billion
  • Sold cap rate: 9.0%
  • Median SqFt sold/transaction: 6,790 SF
  • Days on market (median): 330

Discover Atlanta office space for lease. 

Atlanta Retail Market

The Coca Cola Museum in Atlanta, GA, one of its many commercial real estate attractions and feats of architecture

Atlanta’s retail commercial real estate market is prospering, driven by tenant demand and landlord pricing control due to limited development. Owners of struggling malls are seizing this opportunity by initiating redevelopment projects for revitalization. Although attracting tenants in areas with weaker demographics and office-heavy districts is challenging, large-scale spaces in sought-after locations are in short supply.

Market overview (Cushman & Wakefield Q4 2022

  • Inventory: 182,102,924 SF
  • Vacancy rate: 3.5% overall
  • Absorption: 2,799,781 SF (YTD 2022)
  • Key leases by tenant: Burlington 79,850 SF, Tesla 66,324 SF, West Side Market 63,000 SF
  • Under construction: 473,945 SF 
  • Largest submarkets: Gwinnett, Marietta/North Cobb, Georgia 400

Crexi Intelligence

Atlanta retail lease and sales trends from Crexi Insights (as of August 2023):

For Lease (active)

  • Asking rate/SqFt (median): $23 per year
  • Median SqFt/listing: 2,380 SF
  • Days on market: 132
  • Total listings on Crexi: 484 spaces

For Sale (active)

  • Median asking price: $695,000
  • Price/SqFt: $277
  • Asking cap rate: 6.6%
  • Days on market: 162
  • Total listings on Crexi: 79 listings for a total of 778,000 SF

Sales Comps (past 12 months)

  • Median sold price: $1.51 million
  • Sold price/SqFt: $280
  • Total sales volume: $842 million
  • Sold cap rate: 3.5%
  • Median SqFt sold/transaction: 4,982 SF
  • Days on market (median): 100

Discover Atlanta retail space for lease.

Atlanta Multifamily Market

cars speed down an Atlanta city highway

The multifamily commercial real estate market in Atlanta has emerged as one of the nation’s most vital, propelled by substantial economic and demographic expansion. 

The city’s annual population growth in the last decade has more than doubled the national average, largely due to an influx of jobs from Fortune 500 brands like BlackRock, Meta, Google, and Microsoft. These companies are capitalizing on Atlanta’s bustling airport, technologically advanced workforce, and relatively low cost of living. 

Market overview (Northmarq Q4 2022)

  • Total housing units: 2,451,238
  • Multi-unit: 588,297
  • Vacancy rate: 4.5%
  • Average asking rent: $1,586
  • New construction: 27,524 units
  • Most active submarket: North Gwinnett and Outlying Gwinnett County account for 50% of new projects.
  • Top submarkets by inventory: I-85 North/Gwinnett County, Cumberland/Galleria, I-20 East

Crexi Intelligence

Here are the most recent Atlanta multifamily insights from Crexi (as of August 2023):

For Sale (active)

  • Median asking price: $1.65 million
  • Price/SqFt: $234
  • Price/Unit: $199,000
  • Asking cap rate: 5.1%
  • Days on market: 84
  • Total listings on Crexi: 22 listings totaling 510,000 SF

Sales Comps (past 12 months)

  • Median sold price: $460,000
  • Sold price/SqFt: $205
  • Sold price/unit: $181,000
  • Total sales volume: $1.18 billion
  • Sold cap rate: 5.2%
  • Total SqFt sold: 3.41 million
  • Days on market (median): 280

Discover Atlanta multifamily property for sale.

Get more in-depth Atlanta market data with Crexi Intelligence.

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Shanti Ryle
Shanti Ryle

Content Marketing Manager

Shanti leads Crexi's content marketing strategies with 7+ years of content development experience, creating everything from blog posts to award-winning podcasts. Previously, she worked on content teams at Snapchat, Weedmaps, and HopSkipDrive as well as developed copy, articles, and media for freelance publications.

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