Developers continued to respond to the heightened demand for industrial space in Atlanta in Q3 2022 with 10.8M SF of groundbreakings, bringing total under construction to 44 MSF. Twenty-two percent of under construction space is pre-committed, despite a slower quarter of leasing activity relative to previous quarters. Vacancy increased 10 basis points in Q3 to 3.7%, which is still far below the market’s 10- year average of 6.7%. The Atlanta region is emerging as a major electric vehicle manufacturing and supply hub, boosting industrial demand. SK Innovation, a battery manufacturer for electric vehicles, recently completed and occupied Phase II of its plant in Jackson County, its second 1 MSF facility in the Northeast Atlanta region. Phase III (430,000 SF) is also currently underway. The estimated $2.6 Billion project will employ thousands and serve as one of the world’s largest hubs for electric vehicle battery manufacturing.