When you average an annual job growth of nearly 80,000 jobs over five years, you’re going to need a place to put everyone. And developers in Metro Atlanta seem happy to oblige.
The metro area has been a beacon for business relocations and existing business growth. We added over 104,000 jobs in 2014, 70,600 in 2015, 90,300 in 2016 and then a “modest” 55,600 in 2017, according to the Bureau of Labor Statistics and the Georgia Department of Labor. With the U.S. unemployment rate at a historic low of 3.9 percent, and our businesses desperate for good employees to help feed growth, it’s a great time to be looking for work in Atlanta. And you might have a fresh, new state-of-the-art office waiting for you.
In addition to the millions of square feet of class A office space already under construction, several new projects have been announced over the last few weeks. Perhaps the most exciting was just announced as Thyussenkrupp Elevator Americas will build its U.S. headquarters in The Battery overlooking Suntrust Park. The elevator manufacturer plans to make this a showcase for its existing and future products. The site will include three buildings anchored by a state-of-the-art, 420-foot tall elevator qualification and test tower, according to the Atlanta Business Chronicle. The tower will have 18 elevator shafts that will include high-speed elevators, shafts where two cabins will operate in, a rope-less system and a system that moves sideways. The campus will host, among other segments of the company, Thyssenkrupp’s executive team, and the average salary of the more than 900 full-time employees that will work there will be $100,000. This building would be Cobb County’s tallest and could help add to a tax base where the county just voted to increase the millage rate.
About 8 miles to the east, Grubb Properties is again pursuing a large development that could include a 19-story office tower. I’m keeping a close eye on this one because it would be in the parking lot of Assurance Financial’s Atlanta office, where I work. Grubb pulled a prior application that included parking decks and turned existing parking lots into parks. It also included six residential buildings with 12,000 square feet of retail on the ground level. The project, and our office, is off Perimeter Center East, just east of Perimeter Mall in Dunwoody.
About 4 miles southeast of that project, a developer is proposing the largest office project ever planned in Chamblee. Parkside Partners is proposing a six-building loft-office development that would be called Edison at Eastside on a 30-acre site next to Peachtree DeKalb Airport and Atlanta Chinatown Mall. It’s a bustling area near the Chamblee MARTA station where $400 million in mixed-use developments are already underway.
Head 8 miles southwest from there and four new office developments are planned for Midtown, according to Bisnow. Cousins is planning a 31-story office tower at 901 West Peachtree St., Selig is planning two developments that could include almost 1 million square feet of office space, MetLife revealed plans for 500,000 square feet of office that could include two office towers, and Greenstone is close to breaking ground on a mixed-use project that would include a 10-story office building. Something to note here is that all four projects could move forward as spec – meaning they will start construction without first securing tenants.
Head about 20 miles north up Ga. 400 to Avalon and you should soon see construction begin on the development’s second office tower. Hines and Cousins just inked a deal with AXIS Capital Holdings to occupy 75,000 square feet.
Then let’s go about 12 miles east and North American Properties, who developed Avalon, recently unveiled plans for its Avalon-esque project that will be called Revel, which will be a redevelopment of the Infinite Energy Center in Gwinnett County. The project would include a hotel, 400,000 square feet of retail and 850,000 square feet of office space.
If you need a job, or a new place to work, then it’s a good time to be living in the Atlanta metro.