By Brandon LaBord, Senior Analyst
Atlanta’s rate of job growth rose year-over-year, and unemployment declined in Q2 2019. Office-using employment growth still ranks in the top 10 of all MSAs at No. 6 and the central business district (CBD) continues to be a top location for major employers looking to add top talent to their companies.
The Transportation & Warehousing industry is one of Atlanta’s largest employers with over 150,000 jobs, and has seen 29% job growth since 2012. Professional and business services are key drivers of the Atlanta economy at 19%, and their growth has only accelerated in 2019. The influx of talent via migration and new graduates from Atlanta’s many top universities should ease the shortages that have held back job growth in office-using industries in the past.
Overall, Atlanta vacancy has declined 30 basis points over the past three years as we have experienced the longest expansion in the U.S. history. Market rents continue to break records amid accelerating rent growth due to new development. Atlanta’s relatively low cost of living and favorable business climate should continue to attract workers and corporations to the metro. For more on Atlanta’s employment trends, check out the infographic below.
As a Senior Analyst, Brandon LaBord assists with research and market analysis for the Atlanta market. Mr. LaBord helps to gather, analyze, interpret, and present real estate trends and information for business development opportunities, client support and internal analysis.