The commercial real estate market in Atlanta looked as though it was ready for unparalleled growth. Every sign showed hockey-stick movement as people flocked to the city, back in 2015. A couple years later, that trend has ebbed considerably. Partially due to many other industries and their inability to keep up with the forward progress.
When companies bought huge swaths of space, that ebb turned into a full on pause as the rent, in efforts to match and exceed what was paid for the space, doubled and sometimes tripled. To help stop the bleed, many office building owners have turned to a practice known as co-working; essentially, it’s having multiple tenants share a space that would’ve before been exclusive to one operation. Doing so means the tenants pay less each, while the owner retains the full market value of he space.
A perfect example of this comes with a newly reformatted co-working space located on 714 Moreland Avenue; the 7,000 foot plot will be divided into 14 private studios with 12 additional desks that can be leased. This is just a single example of ways owners are getting creative in hopes of turning a better profit off their land purchases.
A huge aspect in making co-working spaces like this work is making it easier for workers to come and go. Atlanta’s well known for the commute times, and finding ways to increase access to MARTA will go a long way in making it easier to attract people, especially those who do not want to sit in traffic.