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…
Availability & Sublease Tracker | March 2024
February was another busy month with total sublease space declining for the second month in a row. This is mainly due to Amazon removing their 1,108,990 SF sublease from the market at 1250 Cassville White Rd. in White, GA. The largest new lease this month was Atosa USA who inked a 176,305 SF lease with CA Ventures at 6533 McEver Rd., Buford, GA. On a very positive note, Atosa’s new warehouse will be 2.75 times…
Year-End 2023: Industrial Pipeline
In 2023, industrial groundbreakings were down approximately 60% compared to 2021 / 2022 levels. The decline in development activity can be directly attributed to a more challenging lending environment and underwriting standards that no longer align with the current market dynamics. Factors contributing to this shift include flattened rental rates, increased construction costs, and higher cap rates. The lower development activity could be viewed as a positive by giving the market the opportunity to recover…
Availability & Sublease Tracker | February 2024
There was a slight drop in Available SF in January from 82.56 MSF in January to 82.33 MSF in February. The most notable sublease inked in January was Devgiri taking down the 705,833 SF Conn’s sublease at 2464 Mt. Zion Road in Jonesboro. It is worth noting that this was the 3rd month in a row that Available SF decreased, albeit slightly.
Q4 2023 SAVANNAH INDUSTRIAL MARKET REPORT
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,…