The Atlanta economy continued to grow in the second quarter of 2019, adding 42,800 new jobs. The current economic expansion is now the longest in U.S. history having passed 10 years in June. Job growth across the U.S. and in Atlanta remains positive, but at a slower pace than earlier in the cycle.
In the second quarter of 2019, Atlanta’s office development continued to hit its stride with nearly 5.2 msf of new product under construction, the highest since Q1 2001. With 36% currently preleased, it appears promising that the remaining two thirds could be leased over the next two years. Vacancy rates are below historical averages but may creep up over the next few years with additional supply hitting the market. Continued job and population growth in Atlanta should lead to sustained rent growth, but perhaps at a lower level than was experienced in 2018. Check out our Five Fast Facts below for more!