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Market Report

Atlanta Multifamily Market Report

2Q 2023

Ongoing Supply Wave and Silicon Valley Slump
Create Near-Term Hurdles for Atlanta Apartments

Tech slowdown casts shadow on multifamily leasing. Atlanta’s increased roster of Silicon Valley-linked firms has facilitated robust demand for luxury apartments in recent years. Beginning in late 2022, however, many segment employers began to slow expansion or cut staff counts, supporting increases in Class A and B vacancy throughout last year, and continuing into early 2023. Mounting headwinds in the tech sector are exemplified by Microsoft pausing development plans on a 90-acre parcel in Northwest Atlanta; the mixed-use campus slated for this locale would have eventually boasted 15,000 employees alone. As of March 2023, the tech giant’s long-term plans in the metro remain unclear, though the site will likely remain inactive until macroeconomic conditions normalize. 
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