Q3 2023 SAVANNAH INDUSTRIAL MARKET REPORT
While Savannah’s vacancy rate trended upward from record lows due to new industrial supply hitting the market this year, tenant demand rose with 2.4 million SF of deals signed in Q3, more than double the square footage leased last quarter. Net absorption increased to 3.3 million SF, bringing year-to-date 2023 net absorption to 9.6 million SF. With ongoing demand and continued growth at the Georgia Ports, Savannah sees no slowdown for additional development in the…
Q3 2023 Atlanta Industrial Market Report
As expected, Atlanta’s industrial market saw an uptick in vacancy in the third quarter as a record amount of inventory delivered. Still, a healthy market, overall net absorption was back in the positive and surged in Q3 to 3.3 million SF. Overall leasing activity has dwindled quarter-over-quarter from record highs. However, sublease availability has begun to cool, rising only 8.9% since last quarter after rising 37% in the first half of the year. Industrial construction…
LEE IN THE NEWS: Craig Viergever, SIOR & Tyler Flemming
This Week’s Atlanta Deal Sheet: Storage Startup Taking Space At Westside Provisions – spotlights Tyler Flemming and Craig Viergever, SIOR. Electrical engineering firm EAE USA leased 102K SF of warehouse space with Blackstone subsidiary Link Logistics in Tucker. The firm signed a seven-year lease for the entire building at 2000 Mountain Industrial Blvd. Lee & Associates Executive Vice Presidents Craig Viergever and Tyler Flemming brokered the deal for the landlord, Link Logistics. Transwestern Real Estate…
Q2 2023 SAVANNAH INDUSTRIAL MARKET REPORT
The Savannah industrial market saw relief in Q2 2023 as it added 7.9 MSF of new inventory, bringing vacancy up to 4.8%. While booming demand has quickly filled Savannah’s robust speculative supply pipeline over the past few years, groundbreakings have leveled off thus far in 2023. However, Savannah’s development pipeline remains substantial at 17.2 MSF under construction, of which 16% was committed at the end of Q2. Though consumer spending on goods has begun to…
Mid-Year 2023: Industrial Pipeline
The headwinds of frozen capital markets, declining leasing activity, and elevated construction costs combined have ceased almost all speculative development. In most submarkets, even if the land were free, there is no way to justify speculative development for the merchant developer who plans to exit upon stabilization. As a result of the banking crisis and increased interest rate environment, developers’ ability to secure construction loans for new speculative projects is almost impossible. Eighteen months ago…