ATLANTA (Feb. 7, 2011) – On Sunday, Feb. 6, The Atlanta Journal-Constitution ran a special report on commercial real estate. The central point of the article by Rachel Tobin, is that construction of high-rise buildings in Atlanta is currently stalled. Bob Peterson, chairman and CEO of Carter, was a key source for the article.
“I would love more skyscrapers,” said Bob Peterson, chairman and CEO of Atlanta-based real estate firm Carter. He employs 350 people nationwide, with the majority in Atlanta. “But we don’t gain anything by building an empty building. It can be a huge drain on our economy, not to mention the money people lose, from developers to banks.”
When asked about Atlanta’s having one of the highest commercial vacancy rates in the nation, “Frankly,” Peterson said, “I think Atlanta will have to adjust over the next decade to the fact that there will just not be as much construction. Or even in the next 20 years as in the past 20 years.”
Peterson says he sees hope with the growth of small- to medium-sized businesses, and other sectors.
“Since we don’t need more buildings in general, maybe we need more medical centers and data centers. Mission critical facilities,” he said. Both have been growth areas for Atlanta during the recovery.