The Metro Atlanta area is one of the top five industrial markets in the nation. Fulton and nearby Cobb County are revaluing industrial properties this year. Thanks to the expanding industrial real estate economy, substantial assessment increases are expected.
Demand is Up
The demand for warehouses, distribution facilities, and other industrial space has increased dramatically in the Atlanta area. More than 16 million square feet of new industrial space was added over the past year including almost 10 million square feet of spec developments started without leases in place.
Metro Atlanta's industrial vacancy is expected to drop to less than 8 percent this year, a level that hasn't been seen in 15 years, according to Jones Lang LaSalle Inc.
E-Commerce is the Driving Factor
A major factor in the industrial real estate boom is the growing influence of E-Commerce companies in the Atlanta area. They occupy about 40% of industrial space larger than 500,000 square feet.
Wal-Mart is building a massive E-Commerce center near the Atlanta airport just one year after Amazon.com launched a major warehouse project in the same area. The Home Depot and children's clothing company Carter's Inc. have also ramped up E-Commerce operations in the past few years, as more consumers shift to buying products online.
Appeals May be Necessary
Prior to July 1, 2015, all property owners will be mailed an Annual Notice of Assessment. An appeal can then be filed within 45 days of the date of that notice.
With the healthy industrial real estate market, appealing an overstated valuation is essential, in order to minimize your company's property tax expense.