ATLANTA—There's plenty of buzz about Midtown Atlanta. From office to retail, Midtown's great strides in the commercial real estate recovery is turning heads.
That's the big picture. What about the details? How is the retail climate, really, in Midtown Atlanta?
GlobeSt.com caught up with Ray Uttenhove, executive vice president and market leader of SRS Real Estate Partners, to get some answers. SRS is handling the leasing for Hines a 586,000-square-foot Town Center in Midtown Atlanta's Atlantic Station.
"Midtown is the most dynamic in-town market in the Southeast," Uttenhove tells GlobeSt.com. "Its population has grown five times faster than the City of Atlanta's."
Indeed, 75% of residents are Generation X and Millennials, according to the Midtown Alliance. What's more, 68% are college educated and the median household income in 2014 was $55,769.
"This young, educated population values walkability, public transit and the ability to live, work and play in one community," Uttenhove says. "To accommodate the growing population, there's been substantial growth in residential and office space.
As she sees it, Midtown is also quickly becoming Atlanta's Silicon Valley. She points to technology companies moving into the area because they see the vibrant, walkable environment as a great tool to recruit and retain top talent.
"Compared to the strong growth in other real estate verticals, retail is still playing catch up," Uttenhove says. "The market is hungry for more shopping and dining options."
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