The office market rebound and stabilizing economy in 2014 had everyone breathing a little easier but still crossing their fingers it would continue. Fortunately, Atlanta’s office market remains strong with vacancy rates below 20 percent and rents climbing.
“Governor Deal is doing a great job promoting economic development within the state and it’s carried directly over to the office market,” said Barry McWhirter, president and CEO of McWhirter Realty Partners.
Corporate growth is a key driver for the low availability. Companies are gaining confidence in the economy and many are not only lifting the hiring freeze but recruiting for growth. And with that growth, businesses are actively seeking space.
The construction and new development industry is rebounding but hasn’t caught up to the demand for space. So as new space comes available users are moving quickly to secure it. Tenants need to not only move fast but be flexible in the options available in today’s market.
McWhirter Realty Partners helps companies find current space but also identifies, develops and manages new construction opportunities. Contact us today or visit our listing page for more information.
 According to CBRE Atlanta Office MarketView Q1 2015
Major cities nationwide are experiencing a return to urban living and Atlanta is realizing the benefits of this growing trend. The city is striving to provide an appealing urban center – a live-work-play environment – to reap the long term economic advantage from this population migration. One way the city is transforming neighborhoods is through adaptive reuse –renovating an old building for a purpose other than originally intended.
Ranked as a Top 25 City for Millennials by Niche.com in 2014, Atlanta offers a classic city atmosphere with its lively entertainment, deep history and convenient public transportation options. The expansion of Georgia State University and the stability of Georgia Tech has increased the demand for convenient urban residences while the relocation of major corporate headquarters to the city requires unique dining and entertainment options. What’s more, Atlanta is gaining popularity as a retirement destination due to its climate and accessibility from Hartsfield-Jackson International airport.
The economic benefits of adaptive reuse include:
- Preserving the city’s historical character while revitalizing an area’s economy by attracting productive populations.
- Developers can more affordably buy and renovate a building than replace the same building.
- Historical features and location tend to draw higher rent or purchase prices.
- Commercial properties in walkable area show greater appreciation.
- Transforming empty spaces brings in tax revenue and decreases the opportunity for crime and vandalism.
McWhirter Realty Partners is knowledgeable of the metro Atlanta area and properties available for adaptive reuse. Contact us today or visit our listing page for more information on our current opportunities.
Regardless of whether you live in the city or suburbs, there is a certain sense of pride residents have for their neighborhood and surrounding area. Throughout Atlanta, communities work tirelessly to maintain greenspace, reduce pollution and keep the historical charm of the city they call home.
Adaptive reuse is a growing trend that positively impacts the community in many ways by preserving historical buildings. Developers seek buildings that no longer serve their original intended use and renovate for a new business or residential purpose. Neighborhood residents applaud these efforts, as this method aims to preserve the architectural charm and creates an economical boost to the community. Inman Park’s Krog Street Market exemplifies adaptive reuse. This renovated 1920’s warehouse is now ranked by Fodor as one of the “Ten Best Food Halls in the US.”
Adapting an existing building to serve a new purpose helps the environment too. Construction and demolition materials account for nearly 50 percent of landfill waste according to the EPA. Converting an old building uses less construction materials, reduces waste and allows for the implementation of new greener technologies.
McWhirter Realty Partners is well-informed of laws regarding sustainable development in the metro Atlanta area and properties available for adaptive reuse. Contact us today or visit our listing page for more information on our current opportunities.
McWhirter Realty Partners focuses on brokerage, property management and development services with expertise in industrial, self-storage, office, retail, medical and land sales throughout the United States. The company consistently ranks as a Top Ten Producer as recognized by the Atlanta Commercial Board of REALTORS. McWhirter Realty Partners is located at 300 Galleria Parkway, Suite 300, Atlanta, Georgia 30339. www.mcwrealty.com.