Office Space

As of Q2 2022, we’re continuing to see signs of Atlanta’s increased post-pandemic recovery when compared to its peers. Office occupancy rates have shot up dramatically since Q2 2021, though leasing overall has still not reached pre-pandemic levels. Major players — including Google, Microsoft, Visa, and Airbnb — have been in the process of opening up thousands of high salary jobs in offices throughout Atlanta, heavily contributing to the increased positive sentiment that has permeated throughout the office sector in 2022.

Rents have settled after the turbulent events of the early 2020s. Vacancy rates in the metro are still sitting around 18%, making it harder for providers to hike rates. Overall vacancy rates have dropped from 18.8% in Q1 2022 to 18.4% in Q2, providing more evidence of recovery. Despite this, vacant square footage by volume has increased in the metro area, with just over 43 million sq/ft vacant in the middle of 2022 representing a rise compared to the same time in 2021, which saw 42 million sq/ft of vacant office space.

Vacancy rates in Midtown are down to 19% in Q2 2022, compared to 22% in Q2 2021. South Atlanta still shows the lowest vacancy rates across the metro area at 11.7%, though this is up from the Q2 2021 figure of 10%. Despite this increase, recovery is still trending positively when compared to other areas in Atlanta — though reaching the healthy metrics of 2019 is still a ways off. Read the rest of this entry »

In a previous blog post we examined the performance of the commercial real estate market in some major US cities. This is the second article in this series, which uses data from late 2020 and early 2021 to examine vacancy and supply rates in cities such as Los Angeles, Chicago, Atlanta and Houston. These statistics illustrate the impact of COVID-19 on the commercial property rental market, as well as the types of properties that are holding strong in the face of negative trends.

Los Angeles

Los Angeles is a hub for creative, media, and entertainment companies, many of which are office-based. The city’s proximity to major cargo ports makes it convenient for logistics and distribution businesses, both of which have kept the industrial real estate market strong.

Offices

•  Vacancy rates in downtown Los Angeles are 21.5%.
•  In Q4 20202, there was more than 5.5 million square feet for vacant space, with 3.4 million feet being in the Financial District.
•  The majority of vacant inventory involves Class A offices.
•  Supply increased by more than 2 million square feet in the past 12 months.
•  No new supply is expected to enter the market as no projects are currently under construction in the CBD area.
•  Vacancy rates average 22.5% outside of the CBD, however, they reach 56% in the Fashion District.
•  Vacancy rates are just under 18% in the Greater Los Angeles area.

Read the rest of this entry »

Tech Square is a rapidly developing neighborhood covering a total of approximately 8 acres. The area is located in Midtown Atlanta, between 3^rd and 8^th Streets in their intersection with Williams and West Peachtree. Approximately 3 miles north of downtown Atlanta, Tech Square can be accessed via bike lanes, mass transit, and two interstate roads.

The development of Tech Square is part of a revitalization project that has been transforming the face of Midtown since the early 2000s. Today, the area is known for its bustling character and high business density, especially in the creative and tech sectors.

The creation of this new district has put Atlanta’s office market in the spotlight. The city is now considered a robust secondary market with strong fundamentals and millions of square feet under construction. The largest sub-markets are the CBD, Midtown, and Buckhead. Approximately half of Atlanta’s total office inventory is Class A space, which is particularly abundant in Tech Square.

Read the rest of this entry »

Sotto Sotto
Sotto Sotto is a mainstay of the Atlanta, Georgia, dinner scene, and has some of the best Italian dishes in town. The biggest thing that customers say they love about Sotto Sotto is the consistency of the dishes. They can be sure that the dishes will be cooked to roughly the same specifications every time they come to the restaurant. With many ‘finer dining’ establishments, this is not always the case..

Aria
Located on East Paces Ferry Road, Aria boasts some of the most eclectic choices of any restaurant in Atlanta. Not only does it have a great, diverse menu of delicious meat and vegetarian options, but renowned pastry chef Kathryn King is on staff here. This means that Aria can offer its customers a very well-rounded dining experience, making it very popular for birthdays.

Miller Union
Miller Union is located on Brady Avenue, and is known throughout the city as the place to go for traditional southern cuisine. However, thought it’s a traditional place, don’t expect the food to be without a little extra flair. Miller Union has gone a long way toward tastefully enhancing the traditional southern fare that people have grown to love. It does all of this with a wide range of dishes, and without compromising its traditional heritage.

Bones
On Piedmont street, you’ll find Bones steakhouse. This is a traditional steakhouse that has a number of things going for it that make it very special. First of all, owners Susan DeRose and Richard Lewis run the place with exceptional tenacity. They are obsessive perfectionists, that work very hard to keep their special recipes secret. They even keep the source of their beef very close to their chest. This is definitely a unique place to eat.

Empire State South
Empire State South can be found on Peachtree Street, Midtown Atlanta, and it is well known as one of the most creative restaurants in town. Their menu is constantly changing, as the owner and the head chef come up with new ideas for dishes constantly. The little tweaks that they do to their dishes to account for the seasons also make them very popular. This is the place to go if you want to dine on something absolutely unique and creative.

Tomo
Tomo is located on Cobb Parkway, smack-dab in the heart of a strip mall. While the location may not be what you would call extravagant, this certainly does not take away Tomo’s reputation as the best Japanese restaurant in town. In fact, many people say that the location allows people to feel more comfortable and just enjoy a great meal.

Holeman and Finch Public House
Located on Peachtree street, Holeman and Finch Public House is renowned for their amazing pork dishes. In fact, most people look at this restaurant as the only place in town to get a high-class pork meal. They also serve a wide range of alternative foods like rabbit livers and sheep testicles for the heartier diners out there.

Cakes and Ale
Cakes and Ale is located on West Ponce de Leon Avenue, and is known for one big thing: simplicity. The simplicity of the menu may seem boring to some, but it is really an amazing display of chef Billy Allin’s confidence in his abilities to make fresh-tasting, amazing food. This is the place to go if you want something simple and tasty.

Restaurant Eugene
Restaurant Eugene is the top Southern/New American fusion restaurant in town. Located on Peachtree Road, Eugene takes the best of what southern food has to offer, and it adds a tasteful bit of class that creates an altogether new dish. This is the place to go when you want a little of the ordinary, and a lot of the extraordinary.

Bacchanalia
Located on Howell Mill Road in an old meat-packing plant, Bacchanalia stands as a testament to what good food and a great atmosphere can do for a meal. The place is home to a number of amazing dishes, and the restaurant itself is a sight to behold. Instead of the fancy trappings found at most restaurants like this, Bacchanalia has a decidedly more industrial look, and it creates an amazing atmosphere.