The impact of Atlanta’s evolving cuisine scene on CRE

Graph showing restaurants visits in 2023 compared to 2022

– Year-over-year, chain restaurant foot traffic within Atlanta has declined. Visitation is currently down over 11% compared to January 2023. Is this proof of Atlanta’s culinary evolution?

– In 2023, the MICHELIN Guide for Atlanta was finally launched, and this long-time, farm-to-table city is receiving the attention that local chef and restaurant owners finally deserve. From a real estate perspective, this is something to note for tenant selection as new development and redevelopment opportunities arise.

– Although Atlanta is not back to pre-pandemic levels for leasing volume, the average time a restaurant space is listed on-market is down 27% compared to 2019. The food & beverage industry is still a hot topic as 150 bars and restaurants were expected to open between 2023 and 2024, pop-up concepts remain exciting, and the city boasts over 15 existing food halls with 7 more currently in development.

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