Sublease space declined again for the 4th month in a row and is down to 10,133,437 SF, close to what it was back in October 2023.  Significant subleases removed in March include XPO/GXO Logistics’ 907,675 SF sublease at 1625 Oakley Industrial Blvd. in South Atlanta and Walcut’s 247,520 SF sublease at 1720 Peachtree Industrial Blvd. in Northeast Atlanta.   A notable trend is emerging as companies like GXO and Amazon, which collectively had over 2 million square feet of sublease space available, are retracting their subleases due to growing demands for warehouse space.

The largest new lease inked in March was Elogistic in 237,500 SF at Johnson Development’s building at 1399 Fulton Industrial Blvd.  Elogistic was represented by Connor Winkler, SIOR at Lee & Associates.

Overall available space (existing, under construction, and sublease combined) climbed to 85,218,441 SF due to new construction starts kicking off in March in 2024.

With the new March deliveries, the overall Vacancy (excluding under construction and sublease) has crept up to approximately 7.5%.