SAVANNAH
INDUSTRIAL MARKET: WINTER 2023
» Space under construction has gone from 21.8 MSF in Q2 to 12.4 MSF at year end - 56% drop in activity.
» The vacancy rate rose from 4.5% mid-year to 10.9% due to the rise in deliveries. Within 5 miles of port, vacancies remained around 5.3%.
» Rental rates are roughly the same as mid-year, but higher than previous years. A 30% premium goes to industrial space within 5 miles of port.
» Buildings built before 1995 lost tenants, while newer space absorbed 11.56 MSF during 2023.
0
1301
VACANT SF
OAKS LOGISTICS CNTR
LIVE
DR #C 669,760
AUGUSTA COMM CNTR
PINE MEADOW
SF – WIN.IT AMERICA OLD
LOGISTICS PKY #3 1.1 MSF – BUCKNELL INDUSTRIES
COMM CNTR II 5214 OLD LOUISVILLE RD $45M | $143 / PSF 314,288 SF – L&B REALTY ADVISORS 12.8 MSF TOP LEASE TOP DELIVERABLE TOP SALE % VACANT 10.9% QRT NET ABSORPTION 2.7 MSF DELIVERED SF 5.1 MSF UNDER CONS. SF 12.4 MSF QUOTED RATES SALES PRICE $8.13 $125 / PSF NET ABSORPTION NET DELIVERIES VACANCY RATES NET ABSORPTION, DELIVERIES, & VACANCY RATE
COASTAL
0% 2% 4% 6% 10% 12% 14% 8% 16% 25 MSF 20 MSF 15 MSF 10 MSF 5 MSF - MSF 2018 2019 2020 2021 2022 2023
OCCUPIED VS VACANT
ABOUT SKCR
SK Commercial Realty is a full-service real estate brokerage selling, buying, and leasing office, industrial, medical, retail, and land properties. We offer project consulting services, property management, accounting, and investment services. SKCR is committed to our clients, partners and employees, our industry, and the community.
We have been providing effective real estate solutions to clients throughout the southeast since 1985. Each transaction is treated with the same level of care and attention no matter the size or type, and each is managed by an experienced and knowledgeable team of brokers. SKCR has developed and acquired over 5,000,000 square feet of property, and has also grown to accomodate over 25 brokers and a team of nearly 20 staff accountants, managers, architects, marketing professionals, and leadership roles. SKCR has won the Cobb County Small Business of the Year award several times, making them one of the leading independent commercial real estate brokerage in metro Atlanta.
Learn more by visiting www.skcr.com or calling 404.252.1200.
Source: CoStar data comprised of Savannah industrial market buildings 15,000 RSF and greater. Report by Scott Crooks and Claire Blevins. Copyright 2023. Submarket Inventory SF Total Vacant SF % Vacancy Qrt Net Abs. Delivered SF Under Cons. SF Quoted Rates Pooler 22,828,106 1,564,283 6.9% 1,344,510 692,870 2,778,784 $9.25 Effingham County 17,659,920 2,660,248 15.1% 1,598,137 1,316,908 1,710,660 $6.64 Bryan County 11,303,583 3,712,020 32.8% (611,368) 2,524,569 3,060,249 $7.20 Greater Savannah 10,716,464 206,301 1.9% (68,853) - - $16.41 Chatham County 3,737,234 1,327,517 35.5% - - 2,495,800 $12.41 North Savannah 28,408,343 2,399,976 8.4% 431,102 348,000 530,904 $7.57 Hardeeville & Ridgeland, SC 3,526,083 368,042 10.4% (11,553) - 1,303,480 $7.00 Portwent Worth 19,306,239 596,170 3.1% 4,692 238,612 594,692 $6.75 Totals 117,485,972 12,834,557 10.9% 2,686,667 5,120,959 12,474,569 $8.13 Within 5 mi from Port Inventory SF Total Vacant SF % Vacancy Qrt Net Abs. Delivered SF Under Cons. SF Quoted Rates Ware/Dist >1995 45,635,133 2,263,680 5.0% 2,036,729 1,135,430 1,184,500 $8.83 Ware/Dist <1995 9,479,010 660,713 7.0% (399,963) - - $10.68 Flex Product 574,978 - - 3,000 - - $15.06 Totals 55,689,121 2,924,393 5.3% 1,639,766 1,135,430 1,184,500 $9.25 Over 5 mi from Port Inventory SF Total Vacant SF % Vacancy Qrt Net Abs. Delivered SF Under Cons. SF Quoted Rates Ware/Dist >1995 55,873,026 9,610,349 17.2% 1,076,958 3,985,529 11,290,069 $7.01 Ware/Dist <1995 4,604,251 262,189 5.7% (32,057) - - $10.49 Flex Product 1,319,574 37,626 2.9% 2,000 - - $17.22 Totals 61,796,851 9,910,164 16.0% 1,046,901 3,985,529 11,290,069 $7.14 5M (6.9%) (15.1%) (32.8%) (1.9%) (35.5%) (10.4%) (8.4%) 15M OCCUPIED SF VACANT SF 10M 20M 25M POOLEREFFINGHAMCO PORTWENTWORTH GREATER SAVANNAHCHATHAMCO NORTH SAVANNAHHARDEEVILLE&RIDGELAND,SC BRYAN CO (3.1%)