No Gloom, Just Boom
May 9, 2016
The Atlanta ZIP code, 30363, was recently ranked number 10 among America’s ‘Top 10 Boom Towns,’ according to Realtor.com. The improving local economy is fueling new construction, lower vacancy and higher rents in the area. Millennials are also a large part of this improving economy.
The 30363 encompasses Midtown and West Midtown, an area known for Atlantic Station (our home), Home Park and its recent and successful developments. Neighborhoods included on the ‘Boom Town’ list are experiencing a vast amount of construction, job creation and housing market growth. The rise of millennial employees has encouraged companies to relocate or remain in the Buckhead, Midtown or Downtown Atlanta vicinities.
Integra Realty’s Office Market Report indicates an increase in market rents by two percent over the last year. Office buildings located in Buckhead and the Central Perimeter area have increased their asking rents above $30.00 per square foot. Integra Realty anticipates Central Perimeter, Buckhead and Midtown to continue experiencing strong demand over the next couple of years while Downtown is expected to lag compared to the more popular markets.
The city of Atlanta is experiencing rapid growth in the job market which creates an impact on the office and housing markets. Atlanta-based Equifax Inc. announced they will create up to 150 jobs and relocate their Sandy Springs and Alpharetta offices near their current headquarters located in Midtown on Peachtree Street. This fintech giant alone is expected to bring over 650 jobs to Midtown Atlanta.
Atlantic Station is also responding to the improving economy and job growth in the city. Financial technology company, WorldPay, moved its U.S. headquarters to Atlantic Station while creating over 1,200 new jobs for Atlantans. Other Atlantic Station tenants contributing hundreds of jobs to the Midtown area include Sage Software Inc. and Cushman & Wakefield’s Atlanta office which is settled in the 171 building located on 17th Street.
Markets included on Realtor.com’s ‘Top 10 Boom Towns’ list, experienced job growth up to five times the national average. ZIP codes on the list are expected to see an increase in households between nine and 19 percent over the next five years.
Top 10 Boom Towns:
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