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Market Report

Atlanta Office Market Report

4Q 2021

Atlanta’s Office Recovery Delayed in Short Term by Peaking Construction Cycle

Key office drivers indicate momentum. Both demographic and economic factors support tailwinds in the office sector. Annual household growth reached 1.9 percent in the second quarter, more robust than the national rate of 1.2 percent. Many of these new households are the result of migration away from the Northeast and Midwest. The pace of household gains is projected to rise to 2.5 percent over the next year. These new residents are finding an increase in employment opportunities in high-paying tech jobs as Google and Microsoft open sizable operations in Midtown. Microsoft is hiring 1,500 spots to occupy more than 500,000 square feet at the Atlantic Yards. Beyond the tech industry, other firms are moving their headquarters or hubs into the metro due to the favorable business climate.

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