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January 11, 2023

Atlanta Led The Nation In Key Office Metric To End 2022

Despite economic uncertainty fueled by a wave of tech layoffs, questions about hybrid work and aggressive Federal Reserve hikes, Atlanta’s office market ended 2022 on a high note.

Metro Atlanta companies absorbed 485K SF of office space in the fourth quarter, the most of any market in the country, according to Cushman & Wakefield.

Companies absorbed more than 1.1M SF of office space throughout the metro area over the course of the year, up from a total of 126K SF in 2021, according to CBRE.

Class-A rents continued an upward trajectory, rising more than 4% to a new high of $34.21 per SF, with some trophy properties commanding more than $51 per SF, according to Cushman & Wakefield. Tenants like Truist Bank, Insight Global and MARTA inked office leases exceeding 150K SF each. 

Atlanta Led The Nation In Key Office Metric To End 2022

But even amid the bright spots, office vacancy and sublease availability are still at or near all-time highs. The pool of tenants in the market has dwindled as well, but some brokers say optimism for the market is greater this year than it was a few months ago.“I was a little bit more…

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South Korean Solar Firm To Spend $2.5B Building Massive Georgia Plant

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Potential FTC Ban On Noncompetes Could Mean 'Handcuffs Are Off' For Some Brokers

A potential Federal Trade Commission rule change that would ban noncompete clauses across the board in U.S. employment contracts would have ripple effects through the business world, including touching off a wave of change in CRE, where the clauses are often deployed, especially for top earners.

Noncompete clauses are pervasive in today’s commercial real estate landscape, with companies relying on them to keep top producers in their ranks and protect their client rolls and trade secrets. But a new push by the Biden administration to boost pay and employee mobility by doing away with the clauses could put an end to that, allowing brokers in particular to jump ship more easily.

“It's hard to overstate how significant this would be in terms of unlocking worker mobility, and allowing the U.S. to put its human capital to highest and best use,” said John Lettieri, president and CEO of the Economic Innovation Group, a public policy group focused on improving economic competitiveness. “I often compare this to a clogged artery, in that they artificially block the free flow of talent and ideas.”

Within CRE, this proposed rule change, based on the FTC’s broad antitrust powers, would make a difference. But experts disagree as to the extent with which this would change the industry, and top lobbyists aren’t yet sure how to approach the situation.

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