By Savannah Durban, Communications Specialist
Office and multifamily properties located within a half-mile of a MARTA station are able to secure markedly higher rents, according to a new report from Cushman & Wakefield Atlanta’s Research team. “The Growing MARTA Market” report found that average office rents within a half-mile of a transit station totaled $29.42 in the first quarter, up 5.1% year-over-year and 24.8% higher than the overall Atlanta market. For multifamily units, effective 2018 rents within the MARTA market average $1.68 per square foot (psf) compared to non-MARTA market multifamily average of $1.14 psf. Today, new construction properties in the most active and desired submarkets have reached above $2.00 psf, as they are predominantly Class A developments with exceptional amenity packages and unit features.
Proximity to a MARTA station has also created demand for new construction. On the office side, roughly 61% of all new construction is within one-half mile of a MARTA station, and all of these projects are high-end, Class A developments. Additionally, over the past decade, the number of new residential units within the MARTA market was more than triple the inventory growth of non-MARTA market locations. When demand is this strong, multifamily developments near rail stations are able to achieve rents nearly 50% higher than those outside the half-mile radius.
Check out the video below for more, or visit the Research page to download a copy of the report.
Savannah Durban is a Communications Specialist based in Cushman & Wakefield’s Atlanta office. Ms. Durban leads strategic media relations and thought leadership efforts for the Atlanta office, and oversees the firm’s online presence including managing the blog and social media efforts.