Savannah Industrial Market: Winter 2023

• Space under construction has gone from 21.8 MSF in Q2 to 12.4 MSF at year end - 56% drop in activity.
• The vacancy rate rose from 4.5% mid-year to 10.9% due to the rise in deliveries. Within 5 miles of port, vacancies remained around 5.3%.
• Rental rates are roughly the same as mid-year, but higher than previous years. A 30% premium goes to industrial space within 5 miles of port.
• Buildings built before 1995 lost tenants, while newer space absorbed 11.56 MSF during 2023.

See all this and more on our Winter 2023 report, detailing Savannah's industrial market.