Norcross, GA Economic Overview
Located just 20 minutes up the I-85 North from Atlanta, Norcross is a big draw for both Fortune 500 companies and smaller businesses. Over the past five years, the number of people calling Norcross home have nearly doubled in size, reaching a current population of almost 17,000. The city is adjacent to the major freeways going to the city of Atlanta. The Norcross commercial real estate market is part of the larger Atlanta - Sandy Springs - Roswell metropolitan statistical area and is located in the Northeast Atlanta submarket.
Norcross is the eighth-largest city in Gwinnett County, and is a hub for Metro Atlanta 's technology, bio-science and green energy industries, and has led the MSA for job creation over the past several years. Fortune 500, Fortune 1000, and a variety of industry giants, international companies and small business all call the Norcross area home. The city boasts an unemployment rate of just 5%, recent job growth of almost 3%, with future job growth in Norcross is expected to be almost 40% over the next 10 years.
Norcross, GA Commercial Real Estate Market
Norcross is part of the Northeast Atlanta submarket and also a key contributor to the Gwinnett County commercial property market. The city government of Norcross acts proactively to attract businesses of all shapes and sizes, has formed a Living Center Initiative to revitalize its downtown area, and offers an Opportunity Zone incentive that gives an annual tax credit to employers of any size based on the number of jobs they create in Norcross.
The Northeast Atlanta submarket encompasses 24 million square feet of office space and almost 200 million square feet of industrial space. The retail space market has begun to steadily expand, with over 1 million square feet of net absorption the past year alone. Across all three commercial real estate categories, vacancy, rents, net absorption, new construction and CAP rates are all moving in the right direction.
Norcross, GA Office Rental Rates ($/SF/year)
Data provided by Yardi Matrix, for properties larger than 50K SF.
Norcross, GA Office Sales
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Norcross, GA Commercial Inventory Breakdown
Total: 4,346,259 SF
By square footage range:
- 50k to 100k SF: 1,047,781 SF / 24.11% of total office
- 100k to 500k SF: 1,098,478 SF / 25.27% of total office
- > 1M SF: 2,200,000 SF / 50.62% of total office
- Class A: 203,416 SF / 4.68% of total office
- Class B: 1,307,496 SF / 30.08% of total office
- Class C: 635,347 SF / 14.62% of total office
Total: 23,475,053 SF
By square footage range:
- 50k to 100k SF: 735,612 SF / 3.13% of total industrial
- 100k to 500k SF: 19,139,489 SF / 81.53% of total industrial
- 500k to 1M SF: 1,408,005 SF / 6% of total industrial
- > 1M SF: 2,191,947 SF / 9.34% of total industrial
- Class A: 7,291,138 SF / 31.06% of total industrial
- Class B: 15,063,781 SF / 64.17% of total industrial
- Class C: 700,041 SF / 2.98% of total industrial
Employment in Norcross, GA
With job growth in Norcross predicted to be nearly 40% over the next 10 years, a median household income of nearly $40,000, and an affordable cost of living, combined with its location and amenities, new, existing and expanding businesses have no trouble attracting a highly-qualified and well-educated workforce.
Norcross is home to a diverse array of businesses, including WestRock, a Fortune 500 paper and packaging manufacturer; LSI Corporation, a designer of semiconductors and software; EMS Technologies, RentPath and NanoLumens, a designer and manufacturer of LED digital displays.
The top five occupation categories within Norcross are:
- Construction, maintenance and repair;
- Sales, office and administrative support;
- Production and transportation;
- Management, business and finance;
- Building maintenance.
Norcross is located in Gwinnett County and is a major contributor to what has become known as Northeast Atlanta's economic power house. Top private employers include Gwinnett Medical Center, Cisco Systems, Primerica, NCR Corporation, Publix Super Markets, Assurant Specialty Property and IKON Office Solutions.
The County is committed to developing an engaged and effective workforce and has already achieved a labor participation rate of over 80%, higher than both the State of Georgia and the U.S. average. Businesses in the manufacturing, professional and service industries have already found the highly educated, local labor pool to be very ready, willing and able.
Education in Norcross, GA
Norcross is located in the Gwinnett County Public School System and has four elementary schools, one middle school and one high school within its city limits. The County School System is focused on producing qualified employees for business and has some of the highest ranking public and private schools in all of the Southwest United States.
Students here consistently post some of Georgia's highest test scores and graduation rates. Recent awards include '#4 Best High School in the Country' and '#1 Best High School in Georgia' from U.S. News and World Report, and a ranking as a top 100 producer of computer science graduates.
Gwinnett County and metro Atlanta are home to over 57 colleges and universities with over 250,000 students enrolled in fields of study including engineering, biological sciences, business, and health professions. Gwinnett Technical College is the state's third largest tech college with an enrollment of over 10,000 students, and offers over 150 degree programs. Other colleges and universities include University of Georgia - Gwinnett & Athens Campuses, Georgia Gwinnett College, and Philadelphia College of Osteopathic Medicine.
Commuting Time in Norcross, GA
With a city that's less than five square miles in size, people living and working in Norcross don't have much of a commute. But commuting time in Norcross is a different story when looking at the entire Atlanta MSA. According to a report conducted by the Brookings Institution, the Atlanta metropolitan area has the worst commute time in the U.S. That's because many of the two million jobs in the Atlanta area are located in adjacent counties, including Gwinnett County where Norcross is located.
But when it comes to business and industrial transportation infrastructure in Norcross, the integrated nature of Georgia's land, air and sea transit system gives companies located here an edge when competing in today's globalized economy:
- Georgia's highway network gives businesses in Norcross access to 60% of the U.S. population within a two-day drive.;
- The deep water seaports of Savannah, Georgia, Brunswick, Georgia and Charleston, South Carolina are equipped to serve almost all business shipping needs.;
- Atlanta Hartsfield-Jackson International Airport is located within a 2-hour flight of 80% of the country's population.
- Total Population16,474
- Male Population(51.4 %) 8,466
- Female Population(48.6 %) 8,008
- Median Age30.40
- Average Household Income$66,653
- Median Household Income$43,101
- Median Income Under 25$41,597
- Median Income 25-44$37,734
- Median Income 45-64$54,868
- Median Income Over 65$41,732
Residential Rents in Norcross, GA
While the median sales price for homes in Norcross has increased by nearly 30% over the past year, residential rental rates in Norcross are still surprisingly affordable, with median rents at about the same price they were one year ago. The median rental rate in Norcross for a two-bedroom unit is a little over $1,300 per month.
Norcross, GA Average Rental Price, August 2019
- $ 994/mo
- Studio: $ 631
- 1 Bedroom: $ 868
- 2 Bedrooms: $ 1,033
Norcross, GA Rent Trends
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