There were 404 projects representing exactly 147,881 new apartment units in some stage of the development process — lease-up, construction, planned or proposed — at the end of the fourth quarter of 2022, according to the commercial real estate firm’s most recent Construction Pipeline Report.
The bulk of the apartments, 115,202, are considered prospective, meaning they have been proposed by developers but not yet approved by local authorities and might never come to fruition. Nevertheless, projects representing 9,737 units are already welcoming tenants, while projects with 17,951 units are underway, and 49,409 apartments have made it through the permitting process.
Berkadia splits the Atlanta market into two buckets: urban and suburban. A look at the numbers indicates that apartments in Atlanta are furthest along, as urban lease-up and under construction units top their suburban counterparts, while the opposite is true for the planned and prospective categories.
The full reports can be found here.
Some interesting top-line figures:
Urban lease-up: 5,059 units.
Suburban lease-up: 4,678 units.
Total lease-up: 9,737 units.
Urban under construction: 11,154 units.
Suburban under construction: 6,797 units.
Total under construction: 17,951 units.
Urban planned: 14,573 units.
Suburban planned: 17,418 units.
Total planned: 49,409 units.
Urban prospective: 49,939 units.
Suburban prospective: 65,263 units.
Total prospective: 115,202 units.
Total urban: 80,725 units.
Total suburban: 94,156 units.
Total: 147,881 units.