Newly constructed and highly amenitized facilities drove these gains, particularly within the CBD. Most notably, West Midtown is emerging as a premier office location as developers capitalize on tech companies’ desire to locate employees near Georgia Tech’s campus. A number of technology companies are in the process of expanding their presence in the city, and most notably, Macy’s is relocating 630 tech jobs from San Francisco to West Midtown. While technology jobs have certainly clustered in West Midtown, the industry has been a major driver of employment gains across the metro area. Atlanta is currently home to 114,000 tech jobs, trailing only Dallas.
Will the Atlanta office market is remarkably strong, the region’s industrial construction pipeline remains at an all-time high as new demand continues to outpace the large quantity of new supply. While consistent build-to-suit activity persists, occupiers that need to be up and running within nine to 12 months fuel ongoing speculative development.
Georgia’s global trade volume remained strong throughout 2019, with TEU throughput at the Port of Savannah and trade totals for Hartsfield-Jackson Atlanta International Airport rising 5.9% and 8.2% YOY, respectively, despite the tensions over the U.S.-China trade war. While it remains too soon to draw strong inferences about the impact of COVID-19 on the local market, the virus’s outbreak is anticipated to have an impact on trade volume through the early months of 2020. For more, check out our recent Five Fast Facts below.