Atlanta’s delivery of new office space in 2017 reached its highest level since 2002, with more than 2 million square feet completed, according to fourth quarter statistics released by Cushman & Wakefield. Clay Westbrook, Market Director of Research in Cushman & Wakefield’s Atlanta office, recaps some of the key statistics and trends the market encountered in the fourth quarter and 2017 as a whole.
The Atlanta economy outperformed the nation on multiple fronts in 2017, including job and wage growth. Metro Atlanta total employment increased 2% year-over-year (YoY), gaining 65,800 net jobs (compared to 1.4% YoY nationwide), and office-using employment sectors grew 6% YoY (compared to 2.0% YoY nationwide). The economy is projected to continue to grow in 2018, and Atlanta is well-situated to continue to benefit from the current expansion. Absent an unforeseen economic setback, the Atlanta office market looks likely to have another strong year in 2018.