By Clay Westbrook, Market Director of Research for Cushman & Wakefield’s Atlanta office
Cushman & Wakefield has released a list of the top 10 trends to watch in commercial real estate in 2019, some of which are likely to have an impact on Atlanta. No. 10 is tech expanding beyond local hubs – with Austin, Dallas/Ft. Worth, Seattle, Provo and Atlanta to grow during the next five years in this regard. Atlanta is expected to be a growing tech city thanks to its world-renowned universities and low cost of living compared to other major MSAs. The influx of talent via migration couples with new graduates from top universities and should ease the labor shortages that have held back job growth in office-using industries.
Microtransportation’s effect on commuter habits and building amenities, No. 9, surged in Atlanta in 2017 and is showing no signs of stopping. In fact, JUMP scooters and e-bikes hit the scene in mid-December, joining Bird and Lime, as well as moped-sharing concept Muving. Buildings like Resurgens Plaza in Buckhead are creating partnerships with microtransportation companies to ensure commuters ditching their cars have access to these last-mile connectivity options.
Warehouse site selection shifting to attract and retain workers came in at No. 4 on the list. When PNK Group broke ground on Southern Gateway at Lambert Farms last year, labor was top of mind. The labor-focused development, which will eventually total more than 3 million square feet, will offer top-of-the-line employee amenities including a 1.2-mile landscaped walking trail, a food truck court, recreational amenities and electric vehicle charging stations. The fight for skilled labor is on, and developers know that attracting the right workers at the right facility can be crucial to success.
No. 3 – low employment, labor shortages and rising wages – has been an ongoing trend in the city for the last several years. With 120,000 new jobs projected for Atlanta in the next three years, Moody’s Analytics projects Atlanta will have the fourth-highest job growth in the U.S., trailing only Houston, Dallas and Miami.
Check out all 10 trends in the infographic here.
Clay Westbrook is Market Director of Research for Cushman & Wakefield’s Atlanta office. Mr. Westbrook specializes in building strategic, long-lasting client and industry relationships, while creating actionable advice through data and market driven analytics. He is a systematic advisor with a proven ability to provide long-lasting solutions to multidimensional problems.