In this episode, we speak with two top agents from long-time TCN Worldwide member firm, Richard Bowers & Company in Atlanta, Georgia. Ash Parker, a top office broker, shares his thoughts on Atlanta's office market and Jeff McMullen, Atlanta's retail expert, speaks to the changing face of Atlanta's retail landscape.
In this episode, we speak with Ash Parker regarding Atlanta's office market and Jeff McMullen regarding the changing face of Atlanta's retail landscape. Ash discusses how the office market has faired since the pandemic started and what he's seeing as people return to office properties in terms of vacancy and cap rates as well as what amenities and locations are having the most success in attracting people back to the office. Retail expert Jeff McMullen discusses CAM expenses, how rental rates and vacancies have shifted, and the lead time retail tenants should expect when moving within Atlanta's competitive retail market.
Richard Bowers & Company was founded in 1980 and has been serving Atlanta's commercial real estate market for over 40 years. Richard Bowers & Company is also one of the founding members of TCN Worldwide, having been with the organization serving as its Atlanta affiliate since 1989. This year marks their 34th year as a member of TCN Worldwide.
Jeff McMullen is the top retail broker at Richard Bowers & Co, where he has worked for the past 18 years. He routinely completes over 30 transactions per year and is a bonified expert.
Ash Parker is an office broker and has been the firm’s top producer in many years. Ash has worked at Richard Bowers & Company for almost 23 years.
Materials Mentioned in this Podcast:
Costar article: “Is Atlanta running out of retail space?”
YouTube: Growth of the US States since 1790
Additional Charts and Atlanta's Martini Glass of Growth
Key Discussion Points
[00:17] Welcome and introduction by Eric Odum
[00:32] About our guests: Jeff McMullen and Ash Parker
[01:39] What's going on in the Atlanta Office Market?
[03:03] Taking the Covid pandemic into account, how has Office faired in Atlanta compared to the rest of the country?
[06:02] Jeff, tell us how the town center (called the battery) around the stadium might dovetail with office and retail
[08:28] What are the Atlanta trends in vacancies post-covid?
[10:01] Jeff, What are you seeing with CAM expenses per square foot?
[10:32] Ash, what are you seeing on the office side as far as vacancies and rental rates
[15:59] Jeff, for both retail tenant and investors sides, where in Atlanta can I go for value?
[18:06] What lead time should be expected for retail tenants to find good locations?
[21:04] Ash, if I'm an investor in Atlanta and looking for value in office - where would I go?
[24:20] So is the overruling theme here accessibility?
[25:57] What conclusions can we draw over the next 12 months for the retail space?
[27:50] Based on our discussion, what conclusions can we draw for the next 12 months?
[32:12] Any final thoughts? (i.e. on the future of office space? Retail? How Covid changed things, etc..)