REBusinessOnline

From Perimeter to Peachtree, Atlanta’s Office Market is Gaining Momentum

8West. Star Metals. Coda. These are the some of the names of Atlanta’s biggest office developments and the city’s largest undertakings. Measuring more than 1 million square feet of Class A office space between them, Midtown Atlanta’s skyscraper scene is about to be drastically altered. The gravity of these major mixed-use properties, along with the allure of top talent at nearby universities like Georgia Tech, gives the Midtown submarket an increase in both developer activity and …

Atlanta’s Industrial Market Reaches All-Time Low Vacancy, Despite Strong Pipeline

The industrial market in Atlanta continues to surge, benefitting not only from its role as a key regional distribution hub, but also from the rapid growth in the metropolitan area itself. Atlanta is the economic engine of the Southeast, which also happens to be the fastest growing region in the country. The Atlanta industrial market recorded just over 18 million square feet of net absorption in 2018, the second highest total on record following the 21 million square feet absorbed in 2017. The …

Birmingham Retail Market Sees Strong Backfilling Activity, Infill Developments

Birmingham’s retail market continued to see positive growth in 2018, and it’s safe to argue this is largely due to a significant amount of retail space being backfilled with entertainment, discount, medical and first-to-market tenants that otherwise may not have been able to enter the market. Dave & Buster’s backfilling a Forever 21 space at the Riverchase Galleria, Urban Air leasing a former hhgregg box in Trussville, Ollie’s acquiring the former Toys ‘R’ Us box in Hoover and …

Relocations, Expansions Push Birmingham Office Market to a Tipping Point

Birmingham is a unique market for Class A office space. Last year had its fair share of notable transactions (both sales and leases), but overall a few key transactions from previous years pushed absorption in the negative figures. The most significant deal that is still impacting our market was a tenant relocation into the Red Roofs Colonnade (Colonnade North and South) located at the interchange of Highway 280 and Interstate 459, the heart of the 280/459 office submarket. Southern Co. …

Central Birmingham’s Multifamily Development Pipeline Set to Expand Significantly

Contrary to some Southeast markets’ recent shift in focus to the suburbs, construction in Central Birmingham continues to boom with activity. The Central Birmingham cluster — encompassing the CBD, Southside, Parkside District, University of Alabama Birmingham (UAB) and Lakeview neighborhoods — has established itself as a strong-performing submarket with 3,800 multifamily units total, according to CoStar. The growing number of desirable amenities such as parks, restaurants, museums and …

Auto Manufacturing Drives High Occupancy For Birmingham’s Industrial Sector

Birmingham’s investor-controlled, multi-tenant warehouse market remains at or near record occupancy levels — 95 percent for bulk warehouse and 90.4 percent for office/warehouse. The 32-foot clear heights, Class A bulk market is even tighter at nearly 100 percent. Landlords are well into a cycle of market catch-up, rent growth and capital reinvestment. A growing list of tenants, reading the tea leaves, have gone long when appropriate. But what about new construction? A local developer …

Charlotte’s Industrial Fundamentals Stay Strong in Face of New Supply Added

Charlotte’s industrial market continues to see strong momentum in early 2019, and with healthy rates of absorption and rental growth despite record levels of new development, it remains the preferred asset class in the Queen City among institutional investors. Industrial absorption totaled 5.2 million square feet in 2018, according to JLL research, making it the fourth consecutive year that the market has absorbed at least 4 million square feet. The demand for new space is driven in part by …

Upstate South Carolina’s Industrial Evolution Sets Up Market as National Power

Thirty years ago, there were 33 operating textile mills in Spartanburg County, South Carolina. Today, there are scarcely a handful. The jobs and investments disappeared in the wake of regulatory change and international trade agreements. However, the infrastructure, location, existing workforce and entrepreneurial attitude of the area’s leadership saw this as a challenge to evolve. And evolve it did — using the substrate of the textile industry as a solid foundation. The well-trained and …

Strong 2018 Re-Establishes Memphis’ Status as ‘America’s Distribution Center’

Memphis continued its record-setting ways throughout 2018. Absorption was higher than 2017 by over 735,000 square feet for a total of 6.7 million square feet. Overall vacancy rates fell below 6 percent for the first time in recent history. As of Jan. 1, 2019, vacancy rates were at 5.8 percent. One would think this would come at the expense of rental rates, however, rental rates stayed constant at $2.77 per square foot until year-end. This represents a slight increase of 10 cents per square …

Memphis Retail has Momentum With New Developments, Retailers, Restaurants

In January, during his annual State of the State address, Memphis Mayor Jim Strickland emphatically exclaimed, “Memphis has momentum!” Memphis, the biggest little town in America, is definitely in a period of unparalleled economic growth. Memphis has momentum on its side with the $10 billion, nine-year expansion at St. Jude Hospital and an infusion of hospitality that includes a new convention center and no fewer than 17 new hotels, which all started, will start or will be completed in …

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