Atlanta, GA Office Overview
The Atlanta real estate market includes the Downtown Atlanta, Midtown, and Marietta Street commercial real estate submarkets. With a metropolitan population of over 5.7 million people, the economy of Atlanta is strong and vibrant, and the Atlanta commercial real estate market is seeing consistent demand from white collar employers in the financial services, technology, and telecommunications industries.
As of mid-2017, the Greater Atlanta commercial real estate market encompasses over 108 million square feet of existing office space, in properties larger than 50,000 square feet. As both the capital and the most populous city in Georgia, the office market in Atlanta continues to see strong demand from its diverse business community.
Atlanta, GA Office Inventory Description
Atlanta is a primary transportation hub in the Southern U.S., with an integrated system of highway, railroad and air transport, and generates a gross metropolitan product of nearly $304 billion annually, creating a tremendous demand for office employment. Nearly 82% of the office space in Atlanta is Class A, while Class B properties add another 18% of Atlanta office space inventory.
The Downtown Business District and the Midtown commercial real estate submarkets are two of the densest areas for Class A office space in Atlanta, and are home to trophy properties such as One Atlantic Center, the 1075 Peachtree office building, and the Centennial Tower. Coca- Cola, one of the best known companies worldwide, has its corporate headquarters in Downtown Atlanta at One Coca-Cola Plaza.
Atlanta, GA Commercial Inventory Breakdown
Total: 159,777,529 SF
By square footage range:
- 50k to 100k SF: 12,262,829 SF / 7.67% of total office
- 100k to 500k SF: 85,980,278 SF / 53.81% of total office
- 500k to 1M SF: 37,130,416 SF / 23.24% of total office
- > 1M SF: 24,404,006 SF / 15.27% of total office
- Class A+: 13,140,075 SF / 8.22% of total office
- Class A: 92,199,987 SF / 57.71% of total office
- Class B: 22,318,240 SF / 13.97% of total office
- Class C: 3,019,329 SF / 1.89% of total office
Atlanta, GA Green Office Space
Of the Top 30 Green Office Markets in the U.S., Atlanta ranks #4 for energy efficient office buildings. While just over 6% of the office buildings larger than 50,000 square feet are LEED certified, over 24% rank as Energy Star Certified and over 26% are recognized as green buildings.
The Georgia Chapter of the U.S. Green Building Council occupies office space on Peachtree Street, in a LEED Platinum-certified property. As both tenants and investors seek out certified green office assets for their portfolios, the green office trend continues to accelerate in Atlanta.
The 2017 National Green Building Adoption Index looked at commercial office properties in 30 major U.S. markets and found that, including EPA Energy Star-labeled buildings, the percentage of green certification has increased from below 5% in 2005 to 38% as of mid-2017. Atlanta has placed 4th on this survey.
Atlanta, GA’s Top Office-Using Sectors
Significant demand for Class A office space in Atlanta comes from the financial services, traditional and new technology, telecommunications, and corporate headquarters user segments.
- Financial Services – SunTrust Banks, Wells Fargo, Bank of America all have a significant presence in the city and create strong demand for Class A office space in Atlanta.
- Technology – Well-known media and information technology companies that call Atlanta home include CNN, the Turner Broadcasting System, Cox Enterprises, and United Parcel Services.
- Telecommunications – Telecommunications and logistics play a major role in supporting the integrated transport network of Atlanta and the entire Southern U.S., with companies such as Level 3 Communications, XO Communications, and Equinix creating demand for Atlanta office space.
- Corporate Headquarters – Some of the better-known companies with corporate headquarters located in Atlanta include Coca-Cola, The Home Depot, UPS, and Chick-fil- A, all large users of Class A office space in Atlanta.
- Total Population465,230
- Male Population(49.0 %) 228,038
- Female Population(51.0 %) 237,192
- Median Age33.50
- Average Household Income$92,186
- Median Household Income$51,701
- Median Income Under 25$24,839
- Median Income 25-44$62,706
- Median Income 45-64$54,820
- Median Income Over 65$32,367
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