In January, the Atlanta market was ticking like a fine Swiss watch. With leadership from its robust crew of business, education, healthcare, accommodations and leisure services industries, the economy cruised into 2020 with a full head of steam. Although moderately slower than regional peers, Atlanta’s pace of job creation was considerably faster than state and national averages, contributing to falling unemployment — the metro rate was only 3.2 percent in January, the lowest ever for the first month of the year — and strong absorption of office space in blossoming Midtown. Construction projects large and small transformed the landscape at a formidable pace, molding urban neighborhoods in a grand style rarely seen in 21st century America. Multibillion dollar developments like Centennial Yards and the ambitious mass-transit-inspired Atlanta Beltline project promised to enhance the urban living environment while preserving Atlanta’s renowned quality of life. No commercial real estate segment was more active than multifamily. Last year, apartment properties valued at nearly $8 billion exchanged hands, establishing a metro series record. In addition, construction of more than 17,000 units is underway — assets with stabilized value of about $2.5 billion — and another 25,000 units are planned. Late-decade property performance was among …
