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Market Trends in Downtown Atlanta Q3-2020 DOWNTOWN ATLANTA by the NUMBERS

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Market Trends in Downtown Atlanta Q3-2020 DOWNTOWN ATLANTA by the NUMBERS Market Trends in Downtown Atlanta Q3-2020 DOWNTOWN ATLANTA BY THE NUMBERS 28,075 200,000 65,000+ residents daytime office students in and workers adjacent to Downtown $9+ billion 15 million 74.9% real estate investment under annual attendance at hotel occupancy rates construction or planned sporting events, conventions, concerts, and attractions 766 90 14,867 restaurants average walk score housing units and shops Source: CAP, ESRI 2019 Downtown Atlanta Office Market Q3-2020 Downtown Office Market – Q3-2020 Inventory Takeaways: 20 mil S.F. • Despite transaction volume increasing towards the end Vacancy of 2019 and early 2020, deal 15.35% volume has slowed considerably since the Asking Rents onslaught of COVID-19 $28.77 / S.F. / year Net Absorption (12 mo) -251,000 S.F. Recent Sales 55 Ivan Allen Plaza 1Q-2020 - $80 mil - $233/sf Under Construction / Renovation 100 Edgewood – 324,000 S.F. 222 Mitchell Street – 217,000 S.F (Planned) Source: Co-Star ATLDTN Market Overview | 4 Key Performance Indicators - Q3-2020 Key: Source: Co-Star ATLDTN Market Overview | 5 Downtown Office Market – Q3-2020 DOWNTOWN SUBMARKET ATLANTA MARKET Inventory 20 million 151 million Market Rent / SF $28.77 $29.18 Vacancy Rate 15.35% 18.4% 12 Mo Net Absorption SF -251,000 S.F. 578,000 S.F. Source: Co-Star, JLL ATLDTN Market Overview | 6 Retail Market Q3-2020 Downtown Retail Market – Q3-2020 Inventory 3.6 mil S.F. Vacancy 5.7% Asking Rents $25.16 / S.F. / year Net Absorption (12 mo) -7,100 S.F. 2019 Retail Sales: $1.03 billion 2019 Median Disposable Income: $38,074 Source: Co-Star ATLDTN Overview | 7 Downtown Retail Market – Q3-2020 DOWNTOWN SUBMARKET CITY OF ATLANTA Inventory 3.7 million S.F. 63.5 million S.F. Market Rent / SF $25.02 $23.37 Vacancy Rate 9.3% 4.6% 12 Mo Net Absorption SF -72,300 S.F. -23,100 S.F. Source: Co-Star ATLDTN Overview | 8 Hospitality Market Q3-2020 Downtown Hotel Market – 3Q-2020 Takeaways: • Impacts to hospitality and 3Q-2019 3Q-2020 % Change tourism from COVID-19 were Occupancy 73% 30% -58.9% significant and immediate RevPAR $112 $35 -68.75% • Atlanta is expected to return to 2019 RevPAR levels in late 2023 ADR $153 $114 -25.4% • Atlanta expected to return to pre-COVID-19 performance levels slightly ahead of most other major U.S. markets. Source: ACVB ATLDTN Overview | 8 Downtown Tourism Market • 2019 saw approximately 15 million visits to downtown attractions, meetings, and concerts annually .. Impact to these figures due to COVID-19 is significant, though not yet documented 15M annual visits • Average annual spending of $14 billion in the metro region on leisure and business travel to downtown attractions, meetings, and • Average length of stay – 2.2 days concerts Source: CAP, ACVB ATLDTN Overview | 11 Residential Market Q3-2020 Downtown Residential Market – Q3-2020 Downtown Population 28,075 Inventory 9,828 rental units Post Centennial – 438 units MC Kiser Lofts – 40 units 5,039 condominiums 8,151 student housing beds. Occupancy 90% Average Rent Per S.F. $1.53 per S.F. Ascent Peachtree Center 345 units Centennial Yards – Phase I – 127 units Generations ATL – 336 units Under Construction 1,705 units Planned 6,500+ units Centennial Yards – Phase II 505 Courtland Source: CoStar, CAP ATLDTN Overview | 13 Development Update Q3-2020 An additional $8.8 BILLION real estate investment In the pipeline • 8,000+ HOUSING UNITS • 4,000+ HOTEL ROOMS • 2 MIL RETAIL S.F. • 10 MIL OFFICE S.F. Completed CATALYTIC DEVELOPMENTS Under Construction Planned 1 For Sale 3 5 South Downtown 2 5 Centennial Yards Freight House Lofts 6 2 1 6 3 4 Post Centennial Underground ATL 4 7 7 Artisan Yards Summerhill NEWPORT - South Downtown . Developer: Newport US RE . Total Investment - all phases (est. total): $300M . Over 47 building acquisitions (1,000,000 s.f. of existing space over 8 blocks and 12 acres, south of Five Points MARTA Station South Downtown Redevelopment . Phase One – over 5 years . Renovation and activation of historic buildings . Retail, office and housing . 222 Mitchell Street . Phase Two – over 10 years . New construction on 4.5 acres of parking lot in assemblage . Estimated Completion (Phase 1): 3Q 2022 Reimagined Peachtree Street NEWPORT - South Downtown Phase 1a – Hotel Row Historic renovation and additional retail construction underway Phase 1b – 222 Mitchell 217,000 square feet of office space 72,000 square feet of retail. CIM – Centennial Yards . Master Developer: CIM Group . Total Investment (est): $5 billion . 60 acres redevelopment potential . Preliminary program . 9.0 million s.f. office . 750,000 s.f. retail Centennial Yards / The Gulch Today . 1,000 residential units, minimum of 20% of units will be affordable/workforce housing units . Phase 1 under construction now . Delivering in Q2-2021 . 246 apartments . 50,000 s.f. retail Freight House Lofts – f.k.a. Norfolk Southern The Stitch "We love being downtown because of the sense of connection to the city--both historic Atlanta and the city we're becoming. It feels like there's an energy here that is really starting to coalesce around a central point, and we like being in the thick of that.” For additional information, contact: Alena Green, Central Atlanta Progress [email protected] 404-658-5919.
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