Demand for Atlanta industrial space remains very strong, if slightly below record levels experienced in 2021. Net absorption in Q2 approached 4.5 million SF, a healthy figure despite a dwindling supply of available space. Developers are active, having delivered more than 12 million SF this year and with another 47.7 million SF (a record high) underway. Supply chain disruptions continue to extend development timelines, which will continue to impact available space options for new and expanding tenants. Overall vacancy declined again in Q2, to 3.4%, giving the upper hand to landlords at the negotiating table. Average rents have increased significantly as space options become limited, rising 8.0% since Q4 of 2021. The consumer shift to e-commerce, strong regional demographic trends and the rapidly growing Port of Savannah are durable growth drivers that will underpin industrial demand for the foreseeable future in Atlanta.