Q1 2022 SAVANNAH INDUSTRIAL MARKET REPORT
The Savannah industrial market has seen record growth in the last year as the vacancy rate dropped below 2% and under construction eclipsed 23 MSF in Q1 2022.
As e-commerce continues to dominate shipping demands, Savannah’s port now provides more accessibility to larger ships due to a recently finished dredging project that has expanded and deepened the Savannah Harbor. The newly completed dredging has altered 32 miles of the Savannah River and will now accommodate larger ships from the Panama Canal.
Third-party logistics firms and large industrial tenants continue to drive development activity as under construction has now surpassed 23 MSF, which is three times more activity than what was occurring one year ago at the beginning of 2021. The future is bright for the Savannah Industrial Market as developers continue to break ground around Savannah to supply the demand heavy market and as shipping volume increases to record metrics for the port.