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Market Report

Atlanta Retail Market Report

2024 Investment Forecast

Ongoing Net-Migration to Credit for Solid
Retail Spending and Active Investor Base

Record-low vacancy facilitated by favorable population outlook. Local labor markets are tight, with demand for workers outpacing metro supply and necessitating continued recruitment from outside the metro. As more than 38,000 new residents are anticipated by the end of the year, Atlanta will garner the most net in-migration among major markets along the Eastern Seaboard in 2024. This year’s larger move-ins highlight the retailers thriving amid this demographic growth, with multiple Publix locations and a Costco opening in the metro’s suburbs. The latter expansion exemplifies the resilience of wholesale retailers despite recent pricing pressure, as Atlanta has ranked among the heaviest-impacted markets by inflation in the wake of the pandemic. While that has tempered this year, prices remain elevated, prompting many households to buy in bulk or switch to discount brands to save. Retail sales growth as a whole, however, is expected to outperform the national rate, supporting strong tenant demand amid lax development and bringing metrowide vacancy to its tightest point in multiple decades.
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