Marcus & Millichap (NYSE:MMI), has published its 2Q 2024 Atlanta Retail Investment market report.

“The Atlanta retail market continues to demonstrate resilience and adaptability, supported by strong demographic trends and steady demand for retail space, particularly in the suburbs,” stated John Leonard, first vice president/regional manager of Marcus & Millichap’s Atlanta office.

Marcus & Millichap’s 2Q Atlanta Retail Market Report provides investors with vital insight and analysis on the current state of the Atlanta retail market sector, including:

• Atlanta's population is expected to grow by nearly 70,000 people this year, with a net in-migration of 45,000 individuals. This population increase is bolstering the local retail environment, particularly in suburban areas.

• Metro-wide retail vacancy rates have decreased to 3.9%, continuing a downward trend that began in July 2021. The strongest performance was observed in Buckhead, where multi-tenant property vacancy dropped to 0.4%.

• The average asking rent in Atlanta has risen to $20.75 per square foot, representing a significant 37% increase since the end of 2019. The growth is particularly pronounced in submarkets with sub-2.5% vacancy rates, such as Buckhead and the West Metropolitan area.

• Retail construction completions are projected to reach their lowest level since 2013, with notable projects like the High Street Atlanta phase in the Central Perimeter leading this year’s developments.

• Despite elevated borrowing costs, Atlanta remains attractive to investors, with strong sales activity in suburban areas and a year-over-year increase in the average sale price for multi-tenant properties.

“The ongoing population growth and strong performance in key submarkets underscore Atlanta’s position as a robust retail environment, even amidst broader economic challenges,” added Leonard.