ATLANTA—As predicted, Coca-Cola is laying off up to 1,800 workers. Although only about 500 of those jobs are in Atlanta, the news begs this question: How will the downsizing impact the local commercial real estate market?

"We are redesigning our operating model to streamline and simplify our structure and accelerate the growth of our global business,” a Coca-Cola spokesperson said in a published statement. Does that mean industrial operations will suffer? Are office space reductions looming?

I asked Alex Carrick, chief economist at CMD, for his thoughts on how the layoffs could impact Atlanta's commercial real estate market. He told me Coca-Cola is synonymous with Atlanta and therefore, it's tough to hear about impending job cuts at the company. Of course, he says, even the best of firms can be bumped sideways from time to time, which appears to be the case in this instance.