Post COVID-19 Positive Signs
Atlanta’s growing population, booming economy, safe business environment and low property tax rates make it the perfect place for commercial real estate. However, as social distancing, self-isolation and quarantine have become words that are all too familiar with the American collective over the past several months, many are left wondering just how developers plan to rebuild in the post COVID-19 economy, and what it means for Georgia.
S.J. Collins Enterprises, a privately held, commercial real estate and retail development firm headquartered in Georgia, strongly believes that this is a pivotal moment in history where companies can innovate, grow and learn from these unprecedented times.
"Thinking about the future, this is a limited phenomenon," said Jeff Garrison, partner at S.J. Collins Enterprises. "It may trail into 2021, but I believe many industries are taking the time now to rebuild and reinvent to create new opportunities for themselves and their businesses."
Post COVID-19 positive economic factors are slowly emerging in the Atlanta market and are a good sign that the commercial real estate sector will bounce back in a big way. Here are some examples:
The Interlock, a $450 million mixed-use development in emerging West Midtown currently being developed by S.J. Collins Enterprises, had two permits filed with the City of Atlanta in May. Puttshack, the upscale, tech-infused mini-golf experience, signed its first U.S. lease to join The Interlock in November 2019. The recent permit filing to build-out the nearly 25,000-square-foot facility is one of the first major steps in moving forward at The Interlock. Saint-Germain Bakery, a pâtisserie that offers macarons, classic French pastries and artisan chocolates among other items, also filed their permit within the last month to complete its 1,669-square-foot space.
Another positive sign for the commercial real estate restart in Atlanta was the recent announcement of Microsoft Corporation opening a new office in Midtown that will create 1,500 jobs.
"This is excellent news for Atlanta, and we look forward to the opportunity to benefit from the synergy and momentum our neighbors in Midtown and West Midtown have had in landing first-in-class tenants like Google, Microsoft, Facebook and Georgia Tech Incubator," said Justin Latone, senior vice president of leasing at S.J. Collins Enterprises.
S.J. Collins Enterprises has seen a number of leases that were in negotiation and were previously stalled are now back in motion, and tenants are touring properties again at the same level as before COVID-19. In the past two weeks alone, the company has signed four letters of intent, and currently has leasing opportunities available at their mixed-use centers in Tallahassee, Fla., Charlottesville, Va., Roswell, Ga. and Atlanta, Ga.
If you’re interested in learning more about how the S.J. Collins Enterprises’ team has been weathering the challenges brought on by COVID-19 and some of the hottest projects in Atlanta's CRE pipeline, you can listen to a recent Bisnow webinar that Jeff Garrison, partner at S.J. Collins Enterprises, participated on. Additionally, you can also learn what to expect in terms of recovery for the metro area's retail owners and tenants in another webinar hosted by Southeast Real Estate Business and Shopping Center Business.