Savannah Industrial MarketView Q4 2022

‒There was over 6.8-million sq. ft. of net absorption in Q4, bringing the annual total to a staggering 16.4-million sq. ft., nearly doubling the previous record set in 2021.

‒The total vacancy rate rose by 30 basis points (0.3%) to 0.8% in Q4; Savannah remains among the tightest industrial markets in the country.

‒Occupiers continue to select new, Class A product, evidenced by the record 6.4-million sq. ft. of new product being fully leased upon completion in Q4.

‒A record 26.2-million sq. ft. are under construction, representing over 25% of the existing market.

‒Leasing of new product continues to surge; the 2.4-million sq. ft. of deals inked in Q4 pushes year-to-date leasing activity to a near-record 12.7-million sq. ft.

‒Rents reached a record high average of $6.09 per sq. ft., an annual increase of more than 11%.