Atlanta Multifamily Market Report
Ongoing Supply Wave Joins Tech Slump
To Create Hurdles for Atlanta Apartments
Tech slowdown casts shadow on multifamily leasing. Atlanta’s increased roster of Silicon Valley-linked firms has facilitated robust demand for luxury apartments in recent years. Beginning in late 2022, however, many segment employers began to slow expansions or cut staff counts, supporting increases in Class A and B vacancy throughout last year and continuing into early 2023. Mounting headwinds in the tech sector are exemplified by Microsoft pausing development plans on a 90-acre parcel in Northwest Atlanta; the mixed-use campus slated for this locale would have eventually boasted 15,000 employees alone. As of March 2023, the tech giant’s long-term plans in the metro remain unclear, though the site will likely remain inactive until macroeconomic conditions normalize.