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Atlanta, Savannah Among North America’s Top Big-Box Warehouse Growth Markets
Two Georgia cities were among the largest big-box warehouse growth markets in North America in 2022, according to a new report from CBRE. Savannah ranked second at a 12.3-percent yearly growth while Atlanta ranked 10th with 5.5-percent growth.
Driven by container activity from the Port of Savannah, lease transactions there doubled to a record 11.6 million square feet. Savannah has 72 million square feet of warehouse space with 0.9-percent direct vacancy rate. An additional 25.6 million square feet is under construction, with 37 percent preleased.
Atlanta is adding 38.1 million square feet to its current inventory of 366 million square feet of big-box warehouse space. Nearly 15 percent of inventory coming online is preleased.
Industrial facilities had record-low vacancy rates and unprecedented rent growth last year. Demand was driven by serving markets with growing populations, modernizing space for automation, and improving supply chain resilience.
- ◦Development