Two cities in Georgia were among the largest big-box warehouse growth markets in North America during 2022, according to a new report from CBRE. Savannah ranked second with an impressive 12.3% yearly growth rate while Atlanta placed tenth with 5.5% annual growth.
Container activity at the Port of Savannah drove lease transactions to double their previous record of 11.6 million square feet last year, bringing total warehouse space up to 72 million square feet and maintaining a 0.9% direct vacancy rate there as well as 25.6 million more square feet under construction that is 37 percent preleased already .
Atlanta also added 381 million additional square feet of big-box warehouse space on top its current inventory for a grand total 366million sqft; 15 percent of which has been preleased already before even coming online .
Industrial facilities saw unprecedented rent increases and record low vacancy rates throughout 2021 due to growing populations demanding services , automation modernizing existing spaces , and improved supply chain resilience across the board .
