As we look forward to 2013, we can’t help but look at the past year for clues as to where the Atlanta commercial real estate market is headed. Atlanta fared much better than most cities, and most speculate that 2013 will show continued growth in most areas. There are four main things that let me know that Atlanta CRE is on the upswing as we enter 2013:
- We have seen investors coming back to Atlanta, including a significant Chicago investor whose recent investments are in locations such as NYC, San Francisco, and Los Angeles.
- We saw significant construction and reconstruction efforts in 2012. The Hilton Hotels were delivered, a $50 million project has recently commenced, and Ponce City Market has an entirely new look.
- The construction project on the corner of Peachtree and Roswell road has started once again. No longer is it a sad reminder of the CRE crash years ago.
- Atlanta saw the sale of multiple trophy properties in 2012, including Alliance II and Prominence.
Atlanta does have one blemish on its 2012 record – the foreclosure of the Bank of America Plaza. This made national news and reminded not only the people of Atlanta, but the entire country, that we are still feeling the effects of the downturn.Share