The final quarter of 2023 ended with an industrial supply surge of 8.3 MSF, lifting the Savannah vacancy rate to 8.9%. Savannah’s development pipeline remains substantial at nearly 10 MSF under construction, though groundbreakings had a 67% decrease year-over-year. Leasing activity ended the year strong at 4.2 MSF leased and overall net absorption for the quarter was 5.7 MSF, bringing year-to-date absorption to 15.3 MSF, a 19% increase over 2022. Despite short-term challenges, developers, investors, and businesses continue to recognize the enduring growth potential of choosing Savannah as their location.