Commercial Real Estate Recovery Boosted in Atlanta

According to Douglas Sams, Commercial Real Estate Editor of the Atlanta Business Chronicle, referencing commercial real estate brokerage Jones Lang LaSalle, says Atlanta's economy is rebounding! According to Sams, the region's second-largest employment sector, professional and business services, has gained back thousands of jobs it lost since the recession began. But who really knows when the recession actually began. All statistics regarding the rebound to 419,200 jobs as of September, 2012 are, according to the U.S. Bureau of Labor Statistics, are professional and business services including: lawyers, engineers, accountants and computer programmers. It is refreshing to see that the economy is apparently rebounding in Atlanta through expansion in this sector, which is second to the largest job sector, trade, transportation and utilities (543,000 jobs). While it is safe to say there has been a lot of "dark space" in the Atlanta area (ranging from Atlanta to Alpharetta), it is hard to determine which of the professional and business services are taking the actual lead for Atlanta's "rebound". It appears that tech services are driving employment gains across the country at a much faster rate than almost any other sector, which may be the lead for Atlanta's increase in jobs from 2007 to present. Those skilled in computer systems design and related services may even be creating computer programs that will handle the insurance-Obama Care regulations for business. Atlanta's high-tech sector is apparently responsible for absorbing one of the highest percentages of office space relative to the size of its nearly 140-million-square-foot office market. According to Sams, only high-tech sectors in Seattle and in the San Francisco peninsula were running overall absorption in their office markets at a faster rate. An absorption rate is the rate at which rentable space is filled. Gross absorption is a measure of the total square feet leased over a specified period with no consideration given to space vacated in the same geographic area during the same time period. Net absorption is equal to the amount occupied at the end of a period minus the amount occupied at the beginning of a period and takes into consideration space vacated during the period. Notes: Atlanta Business Chronicle by Douglas Sams, November 7, 2012, "Tech sector boosts commercial real estate recovery"