Analysis of the commercial real estate industry has largely been grim. With millions of businesses vacating their space due to the pandemic, there has been much uncertainty about the future of the market.
Atlanta in particular has seen slow leasing activity along with rising rental rates. However, there has been some promise for the city.
For instance, New City Properties recently announced it would be expanding its budget to prepare for future pandemics, which includes setting aside revenue for new technologies.
Additionally, some developers are opting to invest more into green space over machinery. For example, Norfolk Southern’s new headquarters that is expected to open later this year will use its 3.4-acre lot to create a campus-like hub to offer employees plenty of outdoor space that alleviates risk of airborne transmission.
For those who don’t have the space for large gardens, many are taking out their antiquated cubicles and replacing them with private offices.
Although remote working has been the hot topic of companies today, time has proven that these arrangements do not accommodate all work styles.
That is why it is important for companies to create a workspace that is not only safe and healthy, but also helps their workers accomplish their tasks effectively.
Developers are optimistic about the market’s recovery too, with construction on major office projects moving forward such as the 523,500 square foot Atlantic Yards development.