Despite being named one of the best cities for job growth by Forbes back in January, jobs in Atlanta have been declining. According to the Georgia Department of Labor, the metro area lost 17,200 jobs between August and September and has lost a total of 33,600 positions since the same time last year.
One of the industries that has been suffering throughout the nation for sometime now is real estate. Home and office purchases are down, which has effected several other employment sectors including the mortgage industry, construction and even some areas of retail.
Now, one warehouse developer in has announced that it will be doing away with jobs in Atlanta. According to the Atlanta Business Chronicle, ProLogis, which is the city’s biggest industrial real estate investment trust will be laying off employees and putting a halt on future projects. Altogether, the company intends to cut their administrative expenses by almost 25 percent by cutting the Atlanta jobs and other business spending.
“Obviously, the credit market and overall market conditions make it clear that we need to significantly reduce expenses,” said the company’s CFO William E. Sullivan to Chronicle reporters. “Difficult times require difficult choices, and we are currently implementing our expense reduction plan.”
ProLogis owns 121 industrial real estate projects in the Atlanta area, according to the Chronicle, and is the largest owner, manger and developer of these distribution facilities in the world. Total square footage in the city totals around 18 million square feet.
The company announced that it’s total revenue for the third quarter was $1.1 billion, which has dropped significantly from the same time last year. In 2007, ProLogis’ third quarter revenue was $3.46 billion.
As of now, the company has not announced the exact number of jobs in Atlanta that it will cut.
[...] unknown wrote an interesting post today onJobs in AtlantaHere’s a quick excerptNow, one warehouse developer in has announced that it will be doing away with jobs in Atlanta. According to the Atlanta Business Chronicle, ProLogis, which is the city’s biggest industrial real estate investment trust will be laying off … [...]
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