REAL ESTATE
Promising Forecasts for Atlanta Commercial Real Estate By Robyn Spizman Gerson As the landscape of real estate continues to shift, the future of the Atlanta commercial market has been the subject of much debate. The AJT spoke to four well-known commercial real estate experts to get their thoughts, forecasts, and reflections on the industry. Steve Selig, president and chairman of the board of Selig Enterprises, a pillar of the commercial real estate community said, “My grandfather Ben Massell started the family-owned company in 1918 and we are now over a hundred years old. My sister Cathy Selig Kuranoff, her son Greg Lewis, and my daughter Mindy work together in our family business. My son Scott was an integral part of our company until his untimely death almost four years ago. Atlanta is such a great city to be in and an excellent place for real estate today. The thing that is driving a lot of companies to our city is diversity. Businesses want to go where the talent is and Atlanta is not only diverse, but it also has other important advantages. Atlanta offers a lower cost of living, great weather, a highly educated workforce, and a business-friendly climate. Our transportation network is appealing, with three interstates and parallel runways at the Atlanta airport. There’s a lot of energy here.” When it comes to new office space, Selig says his
company is focusing on Midtown. “Our assessment is that companies are putting their offices where they have the best advantage to recruit and retain Atlanta’s top employees, who want to live in a place that is eclectic, active and has a community feel. We are completing a 700,000-sq.ft. office building in the heart of Midtown, which is fully leased to two companies, prominent law firm Smith, Gambrell & Russell and tech giant Google. Midtown makes up only 15% of the greater Atlanta office market, but, in the last five years, has realized over 50% of the Atlanta region’s absorption. In addition to being bullish on Midtown’s core market, we are equally optimistic on West Midtown, where we are developing ‘The Works,’ which was my son Scott’s vision, and includes a beautiful park named in his memory. It will be an 80-acre adaptive re-use development in the heart of Atlanta’s Upper Westside, and include retail, dining, office space, residential, and greenspace.”
The Standard located in Midtown
Steve Selig, president and chairman of the board of Selig Enterprises.
Younger generations have different priorities around work-life balance, and that’s driving new trends. “Young people used to find the job and then look for a place to live,” Selig reflected. “Now they choose where they wish to live and then find a job. Atlanta has racial diversity and particularly, because of the Atlanta University Systems, it has one of the highest concentrations of educated, diverse talent in the country. High tech companies looking to diversify their workforce realize there isn’t a better city in which to do so. We also own a lot of retail, and that sector has been robust particularly in Buckhead. Although regional malls have become quite vulnerable, the neighborhood centers we focus on all around the city are doing very well. As the pandemic is drawing to an end, we have observed a robust increase in demand for these lifestyle centers.” Relationships with the community are also important. Selig says he wants to see more individual stores that serve the community and build trust over time. “We are aware that we are dealing with someone who lives in the neighborhood, which impacts our decisionmaking,” he said. “I continue to be very excited about 44 | SEPTEMBER 15, 2021ATLANTA JEWISH TIMES
