Atlanta economy booming; retail rents rise

Download Report
Retail Hero Image2019

Atlanta absorbed over 1 million square feet in 2019, continuing a period of growth that has lasted a decade.

Driving Factors

The Atlanta economy is enjoying a record-low period of unemployment and solid job growth, but perhaps most importantly for retailers, consumers are still spending money.

While vacancies in shopping malls across the United States have hit their highest level in the past 20 years, earnings remain strong from prominent big-box retailers such as Walmart, Target and Home Depot.

Brands and malls alike are adapting to the changing expectations of the consumer: Brands are showing how combining an easy shopping experience with better technology and in-store pickup can increase sales, while mall owners are adapting by adding more entertainment and mixed-use options. 

Key Takeaways

  • Atlanta absorbed over 1 million square feet in 2019, continuing a period of growth that has lasted a decade.
  • Vacancy remains at its lowest point in 11 years at 6.6%.
  • Rental rates continue to rise, increasing 8.2% since the end of 2018.
  • Metro Atlanta's jobless rate sits at 2.7%, nearly an all-time low. In 2019, Atlanta added 66,700 jobs, the best year since 2016.

4Q19_Retail

Atlanta economy booming; retail rents rise

Download Report
Related Experts
expert photo

Scott Amoson

Director - Research

Atlanta

Scott is the Director of Research for Colliers International in Atlanta, Georgia.  In his role, Scott supports all of the company's brokers in the Atlanta office.  He also manages the Research Associate in the company, and mentors an intern annually during the summer.

Scott began his real estate career in 2000 as a research assistant with Richard Bowers & Co., a local brokerage firm.  He joined Colliers International in Atlanta in 2003.  Scott specializes in aiding the company's clients with geographical, informational and analytical research.  With his extensive knowledge, he provides customized research data including:  market trends, lease and sales comparables, plats/ownership information, demographics, prospect information and economic information.  In addition to supporting the company's brokers and staff, his other responsibilities include compiling and writing quarterly market and submarket newsletters, maintaining the company's internal database of over 10,000 sales and lease transactions, and tracking news/trends related to Atlanta's commercial real estate market.  He is frequently called upon by local news sources for his knowledge and expertise of real estate matters in Atlanta.

As a member of the Colliers International Research Council, he advises on quarterly conference calls and provides valuable input on matters directing the research platform for Colliers International.  Scott was recently selected as the Research Ambassador for the Southeast Region as a part of Colliers International's Centers of Excellence platform.

Scott is a native of Atlanta, and enjoys spending time with his wife Lupe and daughter Sienna.  He is an avid golfer and loves vacationing with family.

View expert
expert photo

Tosh Wolfe

Senior Vice President

Atlanta

Tosh Wolfe is the Senior Vice President and Director of Retail Services  for Colliers International – Atlanta. Mr. Wolfe is focused on the strategic, operational and business development initiatives of the retail sector.  Under his guidance, the Atlanta Retail Services Group continues to set the standard for excellence in advisory service to owners, operators and tenants of Retail real estate assets. With an extensive background in leasing, asset management, development, acquisitions, dispositions, finance, and knowledge of retail, Mr. Wolfe enables his team to implement tailored solutions for all clients.   

Mr. Wolfe began his career at PricewaterhouseCoopers providing audit and consulting services to global companies.  After a successful career at PricewaterhouseCoopers, Mr. Wolfe joined The Shopping Center Group as a Landlord Leasing Adviser, providing leasing and marketing services to his private and publicly traded clients.  Prior to joining Colliers, Tosh oversaw the regional leasing and asset management function at one of the largest Retail landlords headquartered in Georgia. 

Mr. Wolfe is active in ICSC, ULI, The Commercial Board of Realtors and the Georgia Society of CPAs.  He values community involvement and enjoys mentoring students and guest lecturing.

View expert