ATLANTA—As predicted, Coca-Cola is laying off up to 1,800 workers. Although only about 500 of those jobs are in Atlanta, the news begs this question: How will the downsizing impact the local commercial real estate market?

"We are redesigning our operating model to streamline and simplify our structure and accelerate the growth of our global business,” a Coca-Cola spokesperson said in a published statement. Does that mean industrial operations will suffer? Are office space reductions looming?

I asked Alex Carrick, chief economist at CMD, for his thoughts on how the layoffs could impact Atlanta's commercial real estate market. He told me Coca-Cola is synonymous with Atlanta and therefore, it's tough to hear about impending job cuts at the company. Of course, he says, even the best of firms can be bumped sideways from time to time, which appears to be the case in this instance.

“The rapidly improving US economy, with a nation-wide unemployment rate that has fallen to only 5.6%, is driving up the value of the greenback in international currency markets,” Carrick says. “This hurts the revenue stream of giant global corporations, such as Coca-Cola, when their foreign earnings are repatriated home.”

Carrick notes that Coke's main product line—soft drinks—is facing pushback from many among the buying public who are opting for healthier eating and drinking lifestyle choices. Coke's problems are unique to its own business circumstances, he explains, and do not arise from commercial market difficulties in the Atlanta region.

“Atlanta remains a dynamic and attractive low-cost major business center for many existing companies and their employees,” Carrick says. “Its strength in communications, data processing and academic institutions also guarantees an increasing share of new all-important high-tech and knowledge-based jobs.”

So where does that leave Atlanta's commercial real estate market? Given the healthy rate at which the overall economy is advancing, with additional stimulus to be provided by retreating oil and gasoline prices, Carrick concludes, Coke's downsizing will likely be a temporary setback for Atlanta's commercial-space leasing scene.