Why now is a Great Time to Rent Office Space in Atlanta

Like most of the nation’s major cities, the real estate market in Atlanta took a hit during the housing crisis and subsequent recession. The price of the average home fell by about a third between 2006 and 2010. But that didn’t stop people from moving to the city. The metropolitan area added more than a million new residents in the last decade. Atlanta is now considered an “alpha world city,” which means it has enormous political, economic, and social clout. How do we know this?

When we look at the numbers, Atlanta is undeniably on the rise. Its population is the ninth largest in the nation, but it is the seventh most-visited city. Even more impressively, it has a growing economy that now ranks sixth among American cities. Metropolitan Atlanta also contains the third largest concentration of Fortune 500 companies in the United States. The city is the world headquarters of Turner Broadcasting, AT&T, Delta Air Lines, UPS, The Home Depot, and The Coca-Cola Company.
Modern Atlanta is one of the most business-friendly cities on earth. And not just for the high rollers. Companies of any size can save money by relocating to or setting up shop in the city. Anyone can rent office space in Atlanta for less if they follow a few simple tips.

The Smaller, the Better

Although Atlanta is a major hub for business in the South, real estate still hasn’t recovered from the housing crisis, and that includes office and commercial space. In other words, it is a tenant’s market. The opportunities are definitely there for small business owners who are looking for smaller spaces. Since larger clients are harder to come by these days, many landlords who desperately need to rent office space in Atlanta are willing to take on smaller tenants. Instead of leaving large spaces vacant, they simply divide them into smaller ones.

Get the Duration you Desire

When times are goods, landlords typically set the terms of the lease. They can say, for instance, that they will only rent office space in Atlanta to business owners who are willing to sign a five-year lease. Most of them can’t do that anymore. The market is simply too soft. Now they have to negotiate. You might not be able to secure a one-year lease, but a two-year agreement is definitely doable. On the other hand, if your company is doing well, it might be a good idea to lock in today’s cheap rent by signing a long-term lease.

Negotiate

As we mentioned, it’s a tenant’s market, which means that landlords are often willing to negotiate when it comes to price. Rent, utilities, and other overhead costs can sink almost new company if they are not kept in check. The decline in the real estate market has provided business owners with a golden opportunity to rent office space in Atlanta at rock-bottom prices. Unlike landlords who are offering sublease office space in New York, owners in Atlanta are often willing to negotiate when it comes to price. Businessmen don’t have to take the price of the lease at face value anymore. They can haggle a bit and they may be able to secure a lower-than advertised rent.

Another easy and reliable way to save money on office space in Atlanta is to ask for a cap on future rent increases. When the market comes back, and it most assuredly will, landlords will inevitably try to raise rents, since demand will be on the rise. By agreeing to a slightly longer lease, it may be possible to pay less for rent today and to control annual increases in the future.