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John Beam (BS, CRE) knows commercial real estate in Atlanta from all perspectives. With more than 25 years in management, commercial real estate evaluation, institutional investment, acquisition, disposition, finance, and mortgage banking, he has worked throughout the industry. From the beginning of his education at Georgia State—first in history, then in real estate urban planning—he learned to be flexible. That flexibility has paid off. As senior vice president and branch manager in Atlanta with GMAC Commercial Mortgage, he oversaw more than $900 million in production volume in 2005.

Locally, loans made by GMAC Commercial Mortgage in 2005 included the Wells Real Estate Headquarters in Norcross, Centergy One Building in Midtown, and Ashford at Stone Ridge Apartments in Clayton County. The Atlanta office has participated in hospitality lending with the financing of Hilton Crystal City at Reagan National Airport, Hilton Clearwater Beach Resort, and The Peabody Hotel in Orlando. The Birmingham office, which Beam also oversees, is one of the highest volume manufactured housing and multifamily production offices in the GMAC national network. Nationally, the organization is located in 43 U.S. markets with total production from the network expected to exceed $20 billion in 2006.

From where he sits, Beam has a clear view of trends in population and real estate in the Atlanta market. New urbanism, or a return to a city life style, leads these trends as the X generation, empty nesters, and even echo boomers opt for new urban housing options. Condominium development especially in Buckhead and Midtown is at an all-time high, and new multiuse projects combining residential, retail, and office are a dominant development prototype in Atlanta for work, live, and play scenarios.

Beam identifies the hottest development area as western Midtown, extending from Ivan Allen Boulevard and Centennial Park up Marietta Street to Atlantic Station and the District at Howell Mill. Known as the Marietta Street Artery, this area marks the center of adaptive redevelopment, he says. Student housing in Downtown and Midtown mark other growth areas with high profile projects such as MetroPointe Lofts, The Flats in Atlantic Station, and the GSU dorms at Piedmont and Ellis Street. Finally, Beam points to the Beltline and Beltline Tax Allocation District as being extremely influential in future city land uses. "The new development mantra is to seek location and entitlement, or permitted use," he says.

The horizon also holds some clouds, according to Beam. Job growth is lagging in comparison to past recoveries, and new jobs are reportedly paying less than jobs lost. Major transportation, manufacturing, military, and telecom employers are planning significant layoffs. And there may be an "up tick" in interest rates this year—potentially bad news for residential housing especially in the condo market. Office and industrial vacancy and multifamily rent concessions are slowly coming off historical highs.

While these concerns may affect short-term growth, Atlanta still possesses a diverse economy, high per capital income, inexpensive housing, and strong in-migration, says Beam. "It remains the transportation, distribution, and culture center of the South, and I am pleased to be a native son."

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