According to JLL’s Q2 2024 report on the Savannah Industrial Market Dynamics, there has been a significant increase in deals signed this year, with over 9.8 million square feet already secured. This marks a remarkable 156% rise compared to the previous year.
In terms of net absorption, Q2 saw an impressive volume of 3.3 million square feet in Savannah. When combined with Q1 figures, this brings the total absorption for the first half of the year to its second-highest level ever recorded. Additionally, there have been a total of ten move-ins so far this year totaling at 5.1 million square feet.
To meet the unprecedented demand from tenants, new industrial properties are being developed in Savannah’s inventory. One such project is VanTrust’s upcoming build-to-suit warehouse at Interstate West measuring at two million square feet and already leased by Burlington Stores Inc., set for completion in Q1 of 2025.
Another development is CRG selling off part of their The Cubes at West Port industrial park – specifically77 acres -to Lecangs earlier this year.This global third-party logistics user plans on constructing a new one-million-square-foot facility on that land.
The Port Of Savannah continues its record-setting growth as America’s largest and fastest-growing container terminal.As per May statistics for TEUs handled,the port has seen an impressive increaseof22.% compared to lastyear.
