Demand for warehousing and distribution space to accommodate growing freight volumes is at an all-time high in Savannah. The market is extremely tight, with vacancy at 2.0% and few available space options for new and expanding tenants. Consequently, developers remain active, delivering more than 4 million SF of space in Q2 while maintaining a construction level topping 23 million SF for the second consecutive quarter. The catalyst for this growth is the Port of Savannah, which regularly surpasses monthly TEU processing volumes and continues to invest in expanding capacity. In May, the Georgia Ports Authority moved an all-time high 519,390 twenty- foot equivalent container units, breaking the previous record of 504,350 TEUs set in October 2021. The elevated demand for space has placed upward pressure on asking rents, which have increased 14% in the last year. Through the first half of 2022, Savannah’s strong performance is already on pace to exceed its record activity of 2021.