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Consistently Robust In-Migration Trends Back
Retailer Expansions; Outlying Suburbs Stand Out
Retail properties punch above their weight. Retail sales in Atlanta have grown faster than the national measure since pre-pandemic, aiding demand for retail space. Tenant expansions helped boost the metro’s average asking rent by 5.5 percent during the year ended in June 2024 — well above the U.S. pace of 3.2 percent. Although Atlanta’s median household income growth lags behind the national level, the metro is on track to record average net in-migration above 64,000 new residents per year from 2022 to 2024, which would be the third-largest among major U.S. markets. This will assist with bringing the metrowide retail vacancy rate 250 basis points below the 2014-2019 average by year-end.