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Atlanta Retail Supply Tightens While Rents Stabilize

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Atlanta has absorbed over 750,000 square feet YTD, continuing the strong absorption trend we have seen since 2013.

Atlanta Retail Market

2019 in Atlanta has seen an emphasis placed on experience-based retail. New developments, both in the surging urban core and in multiple suburban centers, have had success selling experiences in mixed-use settings.

Entertainment is evolving. The modern consumer wants to stay longer, and is prioritizing walkability and options more than years past. Alpharetta's Avalon has seen this hypothesis bear fruit, and many other suburban locales, such as Gwinnett's Revel and Forsyth's Halcyon have looked to replicate its success. The Beltline, while very different from the aforementioned suburban center, is another example of successful experience-based retail, albeit in a different setting. It provides the consumer with a broad range of activities and options that could span an entire day, all walkable from each other. 

Grocery is still the king of anchor tenants in Atlanta. Stores are quickly appearing in previous underserved markets such as Midtown. A new Kroger is set to open at New City's 725 Ponce project on the Beltline's Eastside Trail in October of 2019. The long-awaited store will include two "front doors", one of which will face the trail. Additionally, the largest Whole Foods in the southeast recently opened on 14th Street in Midtown.

Key Takeaways

  • Atlanta has absorbed more than 750,000 square feet year-to-date, continuing the strong absorption trend we have seen since 2013.
  • Vacancy is at its lowest point in 11 years at 6.6%.
  • Rental rates have flattened out after a steady rise over the past few years.
  • Metro Atlanta's jobless rate has dropped to just 3.5% in July of 2019, the lowest level since 2000. The metro area has added 58,000 jobs year-over-year.

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Atlanta Retail Supply Tightens While Rents Stabilize

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Related Experts

Tosh Wolfe

Senior Vice President, Principal

Atlanta

Tosh Wolfe is the Senior Vice President and Director of Retail Services  for Colliers International – Atlanta. Mr. Wolfe is focused on the strategic, operational and business development initiatives of the retail sector.  Under his guidance, the Atlanta Retail Services Group continues to set the standard for excellence in advisory service to owners, operators and tenants of Retail real estate assets. With an extensive background in leasing, asset management, development, acquisitions, dispositions, finance, and knowledge of retail, Mr. Wolfe enables his team to implement tailored solutions for all clients.   

Mr. Wolfe began his career at PricewaterhouseCoopers providing audit and consulting services to global companies.  After a successful career at PricewaterhouseCoopers, Mr. Wolfe joined The Shopping Center Group as a Landlord Leasing Adviser, providing leasing and marketing services to his private and publicly traded clients.  Prior to joining Colliers, Tosh oversaw the regional leasing and asset management function at one of the largest Retail landlords headquartered in Georgia. 

Mr. Wolfe is active in ICSC, ULI, The Commercial Board of Realtors and the Georgia Society of CPAs.  He values community involvement and enjoys mentoring students and guest lecturing.

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Whitney Spangler

Senior Vice President

Atlanta

Whitney Spangler joined Colliers International in May 2013 with the focus on Landlord Representation and specializing in marketing strategies, trade area analysis, tenant merchandising, and deal making. Ms. Spangler has over a decade of experience in the real estate industry representing institutional and regional landlords with community centers and intown developments in metro Atlanta and the southeast.

Prior to joining Colliers International, Ms. Spangler was a leasing agent for Riverwood Properties, LLC and was responsible for leasing approximately 682,000± SF of unanchored leasing space and maintaining a 95% occupancy level throughout her term.

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