ATLANTA—Metro Atlanta's economic expansion continues with 86,400 new jobs created over the prior 12-month period ending August 2017, representing a 3.2% year-over-year growth rate. That's according to PMRG's latest numbers.

Total payroll employment has now expanded by 525,200 jobs since its trough during the Great Recession in early 2010, a 23.5% increase over the time period. The economy continues to demonstrate strong fundamentals as all industry sectors posted annual employment gains.

In fact, the report reveals, over half of the growth occurring in office-using industry sectors such as Professional & Business Services (+33,500 jobs or 6.8% growth), Financial Activities (+5,600 jobs or 3.3% growth) and Information (+4,600 jobs or 4.9% growth). Meanwhile, the metro area's unemployment rate has fallen 70 basis points to 4.6% since August 2016, reaching its lowest level in 10 years.

All that good news is trickling down to Atlanta's office market. Atlanta's office rents have expanded by 6.5% year-over-year, which is ranked among the top 10 US office markets for rental rate growth.

“Atlanta's office market fundamentals continue to remain strong in 2017, posting 474,957 square feet in direct absorption for the third quarter, which brings the year-to-date total to just over 1 million square feet,” Bill Weghorst, president of PMRG, tells GlobeSt.com. “At the forefront of the robust job growth is the technology sector.

Class A direct office occupancy rates climbed 30 basis points to 85.6% during the third quarter. Office landlords are expected to retain their negotiating power and push class A rents even higher as we move into 2018 but perhaps at a slower pace.

“The record number of technology related jobs are a huge boon to the office sector,” Weghorst says. “We have the busiest airport in the world, a great university system, a strong business environment and a relatively low cost of living. Due to these factors companies want to relocate to Atlanta and the Millennials that are filling these jobs want to live here.”

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