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BTB Exclusive - Atlanta's commercial real estate market
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Atlanta office market slump will pick up this year
March 10, 2008
Economist Donald Ratajczak recently predicted that Atlanta's office market, which has been running
near a record pace for the past two years, seems to be headed for an expected slowdown in 2008.
Many factors will contribute to how much leasing activity and sales volume decline, including
whether retailers continue to struggle and how deep the sub-prime lending crisis sinks.
Ratajczak made his predictions to the Atlanta chapters of CoreNet Global and Commercial Real
Estate Women (CREW), which hosted the annual joint Economic Forecast meeting. Ratajczak, a founder
of the Economic Forecasting Center at Georgia State University, predicted that "things will get
worse, but thankfully I think that the office market slump is reaching its end. Spring will likely
be the bottom and then everything should begin to pick back up from there."
Accounting and tax firms are one category that commercial real estate brokers should keep
their eyes on in 2008, the economist said. Though other businesses are cutting back in 2008,
accounting firms appear to be busy helping businesses adjust to stricter accounting measures that
were enacted by the Sarbanes-Oxley Act of 2002.
Ratajczak also predicted that the Atlanta housing market was near equilibrium and that the
national market should catch up in the next four to five months. Additionally, he expects growth in
the legal sector to level off as the pace of mergers and acquisitions slows.
The Atlanta Chapter of CoreNet Global's 400 diverse members represent senior corporate real
estate executives and related service providers in many different disciplines. Each year the
chapter provides its members with multiple opportunities for education, networking and community
outreach programs to keep them up-to-date with what is happening in the real estate industry. The
Atlanta Chapter (http://www.corenetglobal.org/chapters/atlanta/) is a member of the national
organization CoreNet Global. Its members manage US $1.2 trillion in worldwide corporate assets,
totaling 700-billion square feet of owned and leased office, industrial and other space.
CREW-Atlanta, founded in 1982, was formed to enhance the success and foster the development
of women in commercial real estate by providing resources and business opportunities. Since its
founding, CREW-Atlanta has become the Southeast's premier commercial real estate organization and
its members encompass all disciplines of the real estate industry. CREW Atlanta is among the
largest chapters of CREW Network with more than 400 members and is a member of CREW Network
(www.crewnetwork.org), a growing organization of more than 6,500 members across the United States
and Canada that provides a business development network representing every discipline in commercial
real estate.
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