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Atlanta absorbed over 1 million square feet in 2019, continuing a period of growth that has lasted a decade.
Driving Factors
The Atlanta economy is enjoying a record-low period of unemployment and solid job growth, but perhaps most importantly for retailers, consumers are still spending money.
While vacancies in shopping malls across the United States have hit their highest level in the past 20 years, earnings remain strong from prominent big-box retailers such as Walmart, Target and Home Depot.
Brands and malls alike are adapting to the changing expectations of the consumer: Brands are showing how combining an easy shopping experience with better technology and in-store pickup can increase sales, while mall owners are adapting by adding more entertainment and mixed-use options.
Key Takeaways
- Atlanta absorbed over 1 million square feet in 2019, continuing a period of growth that has lasted a decade.
- Vacancy remains at its lowest point in 11 years at 6.6%.
- Rental rates continue to rise, increasing 8.2% since the end of 2018.
- Metro Atlanta's jobless rate sits at 2.7%, nearly an all-time low. In 2019, Atlanta added 66,700 jobs, the best year since 2016.
