438
Office building construction in Atlanta has come to its slowest pace in the last decade, according to Jones Lang LaSalle (JLL). In 2023, the city only added 574,000 square feet of new office space, the smallest amount since 2013. As noted in a recent Atlanta Business Chronicle article, that’s the equivalent of completing only one 22-story office tower, much less than the amount of office building construction Atlanta typically sees in a year.
Reasons cited for the decline include increasing costs of construction materials, high interest rates and a shift in demand for space as businesses continue hybrid and work-from-home models.
– De’Andra Gaston, 360 Media, Inc.