Atlanta Development Momentum
According to U.S. Census data between 2010 and 2019 the Atlanta population spike by more than 730,000 residents making the metro Atlanta area the fourth fastest-growing in the nation. By the year 2050, the Atlanta Regional Commission projects the Atlanta population to be near 8.6 million. With a consistent uptick in population growth, It’s no wonder that there is also an uptick in development projects across the city.
We are seeing a lot of development projects, particularly in West Midtown where new development and redevelopment will continue for the foreseeable future. Below are some West Midtown projects we are keeping an eye on:
Microsoft has purchased 90 acres and plans to build a campus on the southeast edge of the Quarry Park and will be adding 1500 jobs
Google is expanding its Atlanta footprint by adding 500,000 sq. ft. of office space with a total of 2500 employees
Selig Development is investing $400 million in its development of 645,000 square feet of office space, 80 residential units, and a 150 room hotel
What does that mean for the local real estate investor? Is it too late to get in on the action? Where are the opportunities? What kind of development will be needed to support the new workforce that will be in the area?
It is a complex dynamic that is taking place in West Midtown and real estate investors have to keep their finger on the pulse of the area to understand where the opportunities are and how to best capitalize on these opportunities.
Investors have been buying up properties well in advance of the wave of development in hopes that their property evaluation will soar as projects start crashing over West Midtown; however, opportunity still remains if you know where to look and how to approach these landowners. Development pulsates in cycles and we see plenty of opportunity going forward. If you are interested in the west midtown area, give us a call and we will be glad to assist you in locating the right opportunity for you.