Multi-family construction in Atlanta has gotten a lot of attention over the past year, and for good reason. There are currently more than 6,000 units under construction and another 7,000 scheduled to break ground by 2015; developers are anxious to create in-town housing options that appeal to the “millennial” workforce and serve their desire to live and play where they work. This trend is reinforced by major companies relocating operation centers from the suburbs to in-town locations, namely Coke’s move SunTrust Plaza and athenahealth’s relocation to Ponce City Market.
All of these new developments are obviously great for the multi-family sector, but what other sectors can we expect to benefit from the multi-family boom?
The main motivation behind all of the new multi-family construction is that Millennials want to live and play where they work… they real key here being “where they work,” which most of the time happen to be offices. The office sector will reap a lot of the benefits from renewed multi-family confidence because it is ensuring that the office buildings near the multi-family developments will continue to draw attention from the companies looking to recruit those Millennials. Three of the city’s largest lease deals in 2013 were in the Central Business District and it’s reported that office tenants are in the market for more than 2 million square feet of space in 2014.Share