Atlanta’s Tech Industry to Boost Future Job and Office Market
In a past blog post, I shared Why So Many Companies Are Relocating to Atlanta and as we look toward the future, it seems the trend of businesses moving their headquarters to Metro Atlanta is only going to continue— especially in the technology industry.
Technology has made a major impact on the Atlanta office market, accounting for as much as 35 percent of the office deals this year, and nearly two-thirds of those done in the last two years, according to Bisnow. And unlike others in the office market, the tech industry is not expected to follow the familiar “boom and bust” cycle, but rather, fuel Atlanta’s job and office market for years to come.
So what’s different? It has much to do with a shift toward new office spaces inspired by tech companies—for instance, open floor plans and co-working areas—but also Metro Atlanta’s growing, diverse economy. In the last two decades, Atlanta has become a hub of not only tech companies in the finance sphere, but also health IT, logistics, cybersecurity, and mobility. The Metro Atlanta area is now home to some of the fastest-growing companies and industries and regardless of what the housing market does, will continue to prosper for that reason alone.
Some of the biggest office transactions this year in Atlanta included the following:
- MailChimp’s offices at Ponce City Market
- Equifax’s offices at One Atlantic Center
- Global Payment’s office at Three Alliance Center
- Comcast’s space at The Battery at SunTrust Park
- State Farm’s commitment to over 900,000 square feet in the perimeter area.
How does the residential market play into this? Atlanta is filled with top talent, particularly in the tech sector, which is what these tech companies are after— a key factor in helping them to grow so quickly. According to a Savills Studley report, more than 40,000 local college graduates join the Atlanta workforce every year, and given the city’s position as a more affordable location than its East Coast counterparts, it has rapidly climbed up the ranks as a prime place to recruit. Knowing this, growing companies know that today’s employees want more than just “a good job with a good company.” They want a transparent path toward quick upward mobility, flexibility, easy commute times and most important on the list, lifestyle. Prospective employees are looking at a job opportunity more as a holistic decision, rather than just as the salary or job alone. Companies have to work hard to present the job as an integral part of life, but not LIFE ITSELF.
For the Company: we look at what the competition is offering in the way of relocation benefits and services and help devise a relocation offering that is a ’no-brainer” for candidate.
For the Candidate: our extensive Atlanta real estate market knowledge and understanding that the impact location and lifestyle has not only budget but lifestyle and resalability is paramount to a making an informed decision. Companies appreciate the foresight of resalability as well in case they are in a position to relocate the candidate again, and will need a fast home sale.