January 06 2020

Atlanta Office Market Report – Fourth Quarter 2019

ECONOMIC OVERVIEW

Atlanta’s economy continues to expand with 61,200 new jobs created over the prior 12-month period ending November 2019, representing a 2.2% year-over-year growth rate. During the current expansion period, total employment has expanded by 651,800 jobs since its trough in early 2010, which is an impressive 29.1% increase over the past decade. A significant portion of the annual employment gains were in Education & Health Services (+14,900 jobs), Leisure & Hospitality (+12,600 jobs), and Professional & Business Services (+7,900 jobs). At 2.9%, the unemployment rate has reached its lowest point in nearly two decades, and the moderation in growth in both hiring and the labor force suggests that Atlanta is operating beyond full employment. Although job growth has moderated from its strong levels experienced over the past several years, higher labor costs and hardship in finding qualified workers are behind the broad-based slowing. However, the economic outlook remains positive as Georgia State University forecasts 54,400 jobs in 2019, followed by the addition of 40,600 jobs in 2020.

Atlanta remains an economic powerhouse as companies are flocking to the area for its low cost of doing business and proximity to an exceptional talent pool of highly- skilled workers created by local universities and a strong workforce. Atlanta’s economic outlook remains positive and makes it one of the best metro areas for companies seeking quality space for relocations and consolidations. As one of the fastest-growing, high-tech urban centers in the nation, Atlanta is leading the way in creating a national center for innovation and industry growth. Corporate expansion and relocation activity has fueled job and population growth for the last several years, and the good news keeps coming. Recent expansions and job announcements include Inspire Brands, BlackRock, Norfolk Southern, ThyssenKrupp, Anthem, Google, Salesforce, Starbucks, BioIQ and Samsara.

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