October 19, 2015
Is the Best Yet to Come for Midtown?
Published on GlobeSt.com October, 2015
ATLANTA—It’s no secret that Midtown is Atlanta’s top performing market—and it’s also no secret that the technology sector is driving strong momentum in that submarket.
Midtown is the fastest growing area in Atlanta, expanding at 3.4 times the city average, with 68% of the residents being college educated, according to research from Trillist Companies. Midtown is a premier office market with over 20 million square feet of office space, the firm reports, and96% of the office space within a six-minute walk of MARTA rail.The Midtown area currently employs 65,000 people and anticipates a 28%increase in new jobs over the next 10 years, with a 10% population growth by 2019.
What’s going on behind the scenes could drive even stronger momentum in the years ahead. For example, plans are underway to expand Technology Square, Georgia Tech’s 1.4 million square foot technology center. That expansion is projected to bring about $300 to $400 million of tech incubator development to the area.
Let’s not forget the relocation of NCR Corporation to Midtown Atlanta, which will bring 3,600 jobs to the area and create one of the nation’s premier high-tech business neighborhoods. AT&T Mobility, Global Payments, First Data and Dell SecureWorks also have headquarters operations in Midtown.
“Technology firms prefer Midtown due to its proximity to the 400-plus acre Georgia Institute of Technology, home to over 20,000 undergraduate students, and consistently ranked among the top 10 public universities in the nation,” Scott Leventhal, president and CEO of Trillist, tells GlobeSt.com. “Google is also expanding its nearby 500,000 square foot data center by an additional 200,000 square feet, which we anticipate will continue to increase demand for quality housing as the job numbers grow.”
As Leventhal sees it, increasing demand for upscale urban living has created a heightened level of sophistication in the luxury residential market in the region. His firm is developing YOO on the Park, which will be a 25-story, 245-unit luxury residential property located directly adjacent to Piedmont Park in the heart of Midtown Atlanta.
“This is the first in a platform of branded luxury residential rental buildings to be developed by us in a strategic partnership with London-based YOO Studio,” Leventhal explains. “The project is reflective of our approach to leveraging the global awareness and design capabilities of the YOO brand, and bringing world-class design and amenities previously found in international cities such as New York and Miami to the Atlanta market. YOO on the Park will commence leasing in spring 2016, with occupancy expected for late summer 2016.”