Savannah Industrial Market Report: Summer 2023

INDUSTRIAL MARKET: SUMMER 2023

» 53% of the industrial market is within a 5 mi radius of the port entrance.

» Savannah was averaging 3 MSF of absorption per quarter for the last 9 quarters. Q2 was 45% of average.

» Net absorption: 5 MSF YTD

» Major slowdown in absorption in Q2, down 1.7 MSF over recent average.

» Q2 vacancy rate: 4.5% (the highest since Q3-21 with 5.1%)

» Effingham Co under construction pipeline of 7 MSF will cause the market to increase 64% in size.

NET ABSORPTION, DELIVERIES, & VACANCY RATE

VACANT SF LONESTAR TRANS. 602 EXPANSION BLVD - 400,000 SF SUNPORT 95 95 COLEMAN BLVD - 944,260 SF 1864 INTERSTATE BLVD ELLABELL - $80.1M | $113 / PSF 4.6 MSF TOP LEASE TOP DELIVERABLE TOP SALE % VACANT 4.5% QRT NET ABSORPTION 1.4 MSF DELIVERED SF 3 MSF UNDER CONS. SF 21.8 MSF QUOTED RATES SALES PRICE $8.13 $114 / PSF 0% 1% 2% 3% 5% 6% 7% 4% 8% 10 KSF 12 KSF 8 KSF 6 KSF 4 KSF 2 KSF2018 2019 2020 2021 2022 2023 YTD NET ABSORPTION NET DELIVERIES VACANCY RATES

SAVANNAH

ABOUT SKCR OCCUPIED VS VACANT

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.

POOLEREFFINGHAMCO

GREATER SAVANNAHCHATHAMCO NORTH SAVANNAHHARDEEVILLE&RIDGELAND,SC BRYAN CO

PORTWENTWORTH

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 staffed accountants, managers, architects, marketing professionals, and leadership roles. SKCR has won the Cobb County Small Business of the Year award several times, making them the leading independent commercial real estate brokerage in the county.

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

and

Blevins. Copyright 2023. Submarket Inventory SF Total Vacant SF % Vacancy Qrt Net Abs. Delivered SF Under Cons. SF Quoted Rates Pooler 21,171,030 1,732,723 8.2% 87,504 1,610,336 3,386,030 $8.80 Effingham County 10,979,220 396,500 3.6% 674,450 779,400 7,055,683 $7.50 Bryan County 8,129,431 637,868 7.8% 708,990 - 5,655,468 $6.50 Greater Savannah 10,951,953 140,742 1.3% (87,449) - - $13.96 Chatham County 2,740,200 413,230 15.1% 0 413,230 1,982,010 $12.00 North Savannah 27,956,314 1,028,065 3.7% (50,372) 213,880 1,594,139 $6.38 Hardeeville & Ridgeland , SC 3,096,403 113,650 3.7% 0 - 1,303,641 $6.24 Portwent Worth 17,896,392 169,120 0.9% 40,856 - 833,034Totals 102,920,943 4,631,898 4.5% 1,373,979 3,016,846 21,810,005 $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 44,087,522 2,493,050 5.7% 297,383 1,824,216 2,674,048 $10.31 Ware/Dist <1995 9,519,432 273,940 2.9% (23,824) - - $12.19 Flex Product 601,626 3,564 0.6% (3,564) - - $16.00 Totals 54,208,580 2,770,554 5.1% 269,995 1,824,216 2,674,048 $10.50 Over 5 mi from Port Inventory SF Total Vacant SF % Vacancy Qrt Net Abs. Delivered SF Under Cons. SF Quoted Rates Ware/Dist >1995 42,813,794 1,797,942 4.2% 1,141,746 1,192,630 19,135,957 $7.01 Ware/Dist <1995 4,581,834 52,162 1.1% (37,762) - - $10.49 Flex Product 1,316,735 11,240 0.9% 0 - - $17.22 Totals 48,712,363 1,861,344 3.8% 1,103,984 1,192,630 19,135,957 $7.17 5M (8.2%) (3.6%) (7.8%) (1.3%) (15.1%) (3.7%) (3.7%) 15M OCCUPIED SF VACANT SF 10M 20M 25M

by Scott Crooks

Claire

(0.9%)

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