According to the firm's Real Estate Investment Services' 2007 National Office Report, local employers are expected to increase payrolls by 2% this year, with the addition of 48,200 positions. Employment that uses office space is expected to grow by 2.9% during the year. As a result, the vacancy rate is expected to decrease by 10 basis points to 16% by the year's end, the report states.
According to a CB Richard Ellis Q4 office market report, the past two years have seen healthy growth in the metro areas, which is expected to continue into 2007. "As Atlanta's businesses continue to grow and new office development attracts space users, 2007 should bring continued growth in absorption and rental rates, with a leveling off of new construction as much of the product currently under construction is completed," the report states.
The Atlanta Regional Commission estimates the metropolitan area's population will reach 6.97 million by 2030, which reflects a 46% increase over the 2005 population of 4.97 million. Consequently, job growth is expected to be positive, according to a Grubb & Ellis Q4 office market report.
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