Having the right broker in your corner
Unprecedented times it is important to have someone in your corner. The Office Advisors is your number one choice for Atlanta Commercial Real Estate. We are the real estate efficiency experts. Furthermore, taking into account what is happening on a daily basis is key to understanding what will happen in the future. However, busy or unprecedented times have caused a lot of confusion. The Atlanta commercial real estate market has not been immune to this.
Unfortunately many of the Atlanta Commercial Real Estate verticals have suffered. However the industrial side has seen a boom. At the beginning of the crisis every industry seemed shocked. However the initial companies that went out of business due to poor planning and negative cash flow. Now we have seen a rise in the stronger companies in the Atlanta commercial real estate market. Especially in the industrial sector. We have also seen a move-in of newer companies to the Atlanta area. These are not just in the metro area but Georgia as a whole.
Now if you are looking to lease any type of industrial space then contact The Office Advisors. We are Atlanta’s commercial real estate experts. Having a trusted Agency on your side can help ease your leasing strains. Even if you are a landlord we can help lease out your space. Moreover having someone who’s on top of the industry can help save you money or make you money. Do not hesitate in contact at The Office Advisors today.404-594-3028
Effects of The Pandemic
Going forward it is unclear how the economy is going to continue to open and then close again. However the industrial sector seems to be chugging along at Breakneck speeds. According to recent CoStar data rate increases or across-the-board. Meaning that the landlords of the industrial spaces are asking higher rates.
Subsequently this is not the only effect of the space. The reason for the asking for rent is that there is a massive demand for industrial space. With Logistics changing due to the pandemic new companies are needing more space. As well as the existing ones as well. Understanding the Outlook and placing yourself strategically is where you can benefit for the future. Regardless of what is happening in the nation.
Now we all know that Logistics is what runs the nation. Having industrial spaces and warehouses as what can create the pipeline to keep our country running. The Advent of apps to order anything from groceries to alcohol has created this boom. As well as people who were not necessarily comfortable with the services as before. Being forced to shelter-in-place has maybe users of these services. With the increase of users comes a demand for more space. Large distribution centers are at a high premium at the moment.
Major Cities and & Asking Rents
Subsequently the increase in demand has had the expected effect. Landlords are increasing asking rents across our nation. With the data that we have seen this is in almost all major markets. Especially in ones that are already known for industrial Transit. So will this level off soon? Doubtful is what many analysts are saying. Due to the fact that there is a massive increase in need and a supply shortage at the moment. Developers are rushing around trying to create more industrial space.
So what does it look like across the nation in asking rents. Well I’ll tell you it has been a major increase in almost all cities. Even if you look at the lowest ranking one according to the data Norfolk it has an asking rate increase of 4.6%. Days of course create a massive rate increase especially over time.
Major cities and their increases asking rent increases:
- Nashville 7.7%
- Grand Rapids 7.2%
- Atlanta 6.4%
- Salt Lake City 6.1%
- Orlando 6.0%
- Boston 6%
- Sacramento 6%
- Phoenix 5.8%
- Detroit 5.6%
- Buffalo 5.6%
As you can tell the Atlanta commercial real estate market is third overall. This is due to the fact that we have a strong industrial sector. As well as many great assets for these industrial users. However another determining factor for the reason businesses are moving here is our taxes. Georgia is known as a great tax state for businesses. There are many advantages for large corporations moving here.
Now having The Office Advisors on your side will help put your company in a better position when negotiating space with the landlord. The Office Advisors are your Atlanta Commercial Real Estate efficiency expert. This comes into effect in every single aspect of commercial real estate. We create a system and then plug you into it. This is to create a symbiotic line communication and system. Understanding where we are trying to go to help define our path together.
The Atlanta commercial real estate market is more advantageous than some of our neighbors. If you go further south to Florida even our rates are still better. This is even with the increase that we are currently seeing by landlords around the country. Moreover, according to CoStar data over half of our marketspace is considered speculative. This means that the development is being done without a current and it lined up.
Why Atlanta is Strong
However it is still unknown what will happen with the current crisis. Another shutdown could still put this on hold or actually push it further into Greatness. The Atlanta commercial real estate market is strong and even with current construction underway seems to be meeting demand. Or at least matching it for the current time. Even with especular buildings underway without tenants optimism is high. The current landlords of leasing spaces do not feel threatened by new availabilities.
The Atlanta commercial real estate market for industrial is always appetizing to companies. Atlanta offers a variety of benefits. Some of these benefits include our major highway system and Port system. As well as Atlanta’s well-known rail system. This is because we are able to transport any type of item in and out of our state. The Atlanta airport is the busiest in the world and still uses major Freight and shipping companies as well. The tax benefits are great in our cities and state. So it makes good sense for a company to move here if they were looking to grow.
Now if you were still not convinced that you need to work with The Office Advisors for your Atlanta Commercial Real Estate, then visit our website. It is very easy to check out why we’re the Atlanta Commercial Real Estate efficiency experts. No matter what vertical we’re in we want to help you succeed. Working with small businesses is our passion, because we are one. So contact us today and find out why we can help you the best.404-594-3028
The Office Advisors is a subsidiary of Sellect Realty company. The Sellect Realty family is a trusted name in residential real estate in Marietta for years. So no matter what type of real estate needs you have we’ve got your back. 404-594-3028