The commercial real estate market ebbs and flows with the world around us. Remote and hybrid work has led to lower demand for office space. However, demand for commercial retail space has increased in Atlanta and other cities across the United States. After two years of pandemic restrictions, consumers are ready to shop until they drop. Global companies like Google and Microsoft are drawn to these growing cities, but there is an opportunity for smaller, new-to-market businesses to thrive in these environments, as well.
At Calloway Title & Escrow we understand that purchasing any commercial space is a big financial commitment and comes with risks. That’s why it’s crucial to ensure that your chosen location has growth potential and is compatible with your business.
Here are three factors to consider before purchasing commercial retail space in a growing city.
Lifestyle
It’s important to consider how people in a location purchase and consume their goods. Are they eating out, or do they prefer to order in? Do they want to go to the store to shop or shop and order online? Ask these questions, and consider the capabilities of your business. Following the pandemic, consumers in cities like Atlanta desire more in-person shopping and dining experiences, increasing demand for retail. That consumer demand correlates to the rise in demand for commercial space.
Cost of Living
Rent and mortgage prices are rising, and more people are looking for places to live outside their current city. According to an analysis of Redfin searches, the number one motivator when choosing a new place to live is affordability. The study shows that most people are searching in other metropolitan areas. Buyers and renters are likely attracted to Atlanta for its low cost of living compared to other major markets. The larger the population, the larger the pool of potential customers for your retail business.
Access to Airports
Unless your materials and products are locally sourced and sold, you will need to consider the transport of your goods in and out of the area you choose to do business. In Atlanta, commercial retailers have access to one of the country’s largest airports.
For retailers looking to take advantage of growing cities such as Atlanta, you’ll need to consider these factors. Identifying these factors and entering the market early is key to earning the biggest return on investment. Calloway Title is your commercial title expert in Atlanta and is here to help close the deal on your complex commercial deals. Visit www.titlelaw.com to learn more.
