Cushman & Wakefield’s MARTA Market Report examines the key submarkets that house MARTA train stations, and takes a deep look at how the station’s presence impacts the surrounding office/multifamily development. We looked at office development within a quarter-mile of key stations, and multifamily development within a half-mile, then compared the data to the surrounding submarket as a whole.
One of the most significant findings from Cushman & Wakefield Research was the sheer size of the MARTA Market’s office sector, and how it compares to Atlanta’s largest office submarket.
“The MARTA Market is made up of more than 50 million square feet of office space that sits within a quarter-mile of MARTA train stations,” said Chad Koenig, Cushman & Wakefield Senior Director, and the leader of this project. “To put some perspective to this, our largest office market is about 25 million square feet in the Central Perimeter, so two times, is the MARTA Market.”
The report looked at the Midtown, Downtown, Buckhead and Central Perimeter submarkets. Some of the other notable findings from the report included:
- In almost all cases, rents were higher in the MARTA Market than in the submarket as a whole. This effect was most profound in the Central Perimeter, where office average rent per square foot was up 14.5% in the MARTA Market, and multifamily effective rent per unit was 20% higher.
- While the vacancy rate change was more unpredictable due to a variety of factors, there was still positive impact more often than not. In Midtown, the multifamily vacancy rate in the MARTA Market was 33.8% lower than in the submarket as a whole.
The full report can be downloaded here. And, to hear more from Chad about what inspired the report, and his own experiences with public transit, watch the full video at the top.