Lee & Associates Commercial Real Estate Services - Q1 2021...Forecasting Center, SEDA, Georgia Ports...
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Project Location Building SF Tenant % Leased Delivery US Highway 280 3,000,000 Spec 0% Q1-2021 300 Seabrook Pky 1,193,920 Spec 0% Q4-2021 2016 Trade Center Blvd 1,165,425 Spec 0% Q4-2021 202 International Trade Pky 1,000,000 Spec 0% Q2-2021 MARKET HIGHLIGHTS LARGEST PROJECTS UNDER CONSTRUCTION Lee & Associates Atlanta Savannah Industrial Market Report Q1 2021 2020 TOP LEASES Property Name Address Submarket Tenant Name SF Quarter Knowlton Way 1 Knowlton Way N Savannah/Garden City Outsource Logistics 784,000 Q1 Morgan Lakes 521 Morgan Lakes Ind. N Savannah/Garden City East Coast Warehouse 499,200 Q1 Tremont Industrial Center 2385 Tremont Rd Greater Savannah Webstaurant 475,280 Q1 Crossroads 405 Expansion Blvd N Savannah/Garden City Supply Chain Warehouse 116,250 Q1 Westport Business Park 2509 Dean Forest Rd N Savannah/Garden City GFA Inc. 109,200 Q1 The information and details contained herein have been obtained from third-party sources believed to be reliable; however, Lee & Associates Atlanta has not independently verified its accuracy. Lee & Associates Atlanta makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and fitness for a particular purpose. Interested parties should perform their own due diligence regarding the accuracy of the information. The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice. Third-party data sources: CoStar Group, Inc., Real Capital Analytics, Georgia State Economic Forecasting Center, SEDA, Georgia Ports Authority and Site Selection. The Lee & Associates Savannah Industrial Market Report compiles market data by using a third-party database for the proprietary analysis of over 8 million Industrial and flex properties in the Savannah area. © Copyright 2021 Lee & Associates Atlanta. All rights reserved. Market report analysis by: Willie Candler, Research Associate Market report created by: Jonathan Storey, Marketing Coordinator Q1 2021 QUICK STATS 2.3 M SF 12 M SF 7.1% Net Absorption Under Construction Vacancy Rate VACANCY & NET ABSORPTION 2011 - 2021 The Port of Savannah continues its momentum as the fastest-growing container port in TEU (twenty-foot equivalent unit) volume. Consequently, development and investor interest continues to increase at a rapid pace. In the last two years, Savannah added over 15 million square feet (MSF) of new facilities to the market. As of April 2021, CoStar reported an additional 12 MSF currently under construction, one of the highest square footages in the nation with only 15% preleased. Savannah has seen a strong increase in leasing activity. Despite a relatively high vacancy rate and heavy under construction pipeline, Q1 2021 yielded a net absorption of 2.3 MSF. Additionally, several significant leases are pending and many facilities under construction are expected to lease prior to completion. Savannah continues to be one of the most competitive east coast ports, with average lease rates 15% below both Jacksonville and Charleston. 0.000% 2.000% 4.000% 6.000% 8.000% 10.000% 12.000% 14.000% 16.000% 18.000% 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD Net Absorption Net Deliveries Vacancy 3500 Lenox Road, Suite 1600 | Atlanta, GA 30326 | 404-442-2810 | lee-associate.com/atlanta
Transcript of Lee & Associates Commercial Real Estate Services - Q1 2021...Forecasting Center, SEDA, Georgia Ports...
Project Location Building SF Tenant % Leased Delivery
US Highway 280 3,000,000 Spec 0% Q1-2021
300 Seabrook Pky 1,193,920 Spec 0% Q4-2021
2016 Trade Center Blvd 1,165,425 Spec 0% Q4-2021
202 International Trade Pky 1,000,000 Spec 0% Q2-2021
MARKET HIGHLIGHTS
LARGEST PROJECTS UNDER CONSTRUCTION
Lee & Associates Atlanta Savannah Industrial Market Report
Q1 2021
2020 TOP LEASESProperty Name Address Submarket Tenant Name SF Quarter
Knowlton Way 1 Knowlton Way N Savannah/Garden City Outsource Logistics 784,000 Q1
Morgan Lakes 521 Morgan Lakes Ind. N Savannah/Garden City East Coast Warehouse 499,200 Q1
Tremont Industrial Center 2385 Tremont Rd Greater Savannah Webstaurant 475,280 Q1
Crossroads 405 Expansion Blvd N Savannah/Garden City Supply Chain Warehouse 116,250 Q1
Westport Business Park 2509 Dean Forest Rd N Savannah/Garden City GFA Inc. 109,200 Q1
The information and details contained herein have been obtained from third-party sources believed to be reliable; however, Lee & Associates Atlanta has not independently verified its accuracy. Lee & Associates Atlanta makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and fitness for a particular purpose. Interested parties should perform their own due diligence regarding the accuracy of the information. The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without
notice. Third-party data sources: CoStar Group, Inc., Real Capital Analytics, Georgia State Economic Forecasting Center, SEDA, Georgia Ports Authority and Site Selection.The Lee & Associates Savannah Industrial Market Report compiles market data by using a third-party database for the proprietary analysis of over 8 million Industrial and flex properties in the Savannah area. © Copyright 2021 Lee & Associates Atlanta. All rights reserved.Market report analysis by: Willie Candler, Research AssociateMarket report created by: Jonathan Storey, Marketing Coordinator
Q1 2021 QUICK STATS
2.3 M SF12 M SF7.1%
Net Absorption
Under Construction
Vacancy Rate
VACANCY & NET ABSORPTION 2011 - 2021
The Port of Savannah continues its momentum as the fastest-growing container port in TEU (twenty-foot equivalent unit) volume. Consequently, development and investor interest continues to increase at a rapid pace. In the last two years, Savannah added over 15 million square feet (MSF) of new facilities to the market. As of April 2021, CoStar reported an additional 12 MSF currently under construction, one of the highest square footages in the nation with only 15% preleased. Savannah has seen a strong increase in leasing activity. Despite a relatively high vacancy rate and heavy under construction pipeline, Q1 2021 yielded a net absorption of 2.3 MSF. Additionally, several significant leases are pending and many facilities under construction are expected to lease prior to completion. Savannah continues to be one of the most competitive east coast ports, with average lease rates 15% below both Jacksonville and Charleston.
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3500 Lenox Road, Suite 1600 | Atlanta, GA 30326 | 404-442-2810 | lee-associate.com/atlanta
THE LARGEST SINGLE CONTAINER
TERMINAL IN NORTH AMERICA
The Georgia Port Authority’s expansion plan to double its capacity to over 9 million TEUs by 2030 is well underway. In 2020, the port acquired an additional 145 acres, adding 1 million TEU container capacity to the port. Since November, the Georgia Ports Authority Board has approved $305 million in projects. These projects will include:• Adding 650,000 TEUs of annual container yard capacity at Garden City Terminal• Developing 92-acres that will house 40 rubber-tired gantry (RTG) cranes• Building a transloading facility served with nine (9) RTG cranes• Developing a new terminal on Hutchinson Island that will provide 2.7 million TEUs/year of capacity• Straightening the bend at Garden City Terminal allowing the port to serve four 15,000-TEU vessels as well as three additional ships
by 2023Over the past six months, the port has seen unprecedented volume that has surpassed projections for 2024. GPA’s March container trade jumped 48% year-over-year to a record of nearly 500,000 TEUs. To meet this demand, the port is actively adding infrastructure and equipment that will allow containers to be moved from ship to off-site warehouses quicker than almost any other port in the U.S.
THE PORT OF SAVANNAH
- Georgia Ports Authority
3500 Lenox Road, Suite 1600 | Atlanta, GA 30326 | 404-442-2810 | lee-associate.com/atlanta
STAY CONNECTED
BRETT CHAMBLESS, SIORExecutive VP / PrincipalO: 404.442.2401C: [email protected]
PATRICIA DONAHUEAssociateO: 404.442.2842C: [email protected]
For more information on the Savannah market, please contact:
