Companies leased more Atlanta industrial space to start 2024 than they did the year before, but the uptick in activity wasn`t enough to keep the market`s rising vacancy in check.
The vacancy rate for Atlanta-area industrial space shot up to 8.4% at the end of the first quarter, a steep increase from 5.2% during the same period in 2023, according to new data from Savills.
The wave of freshly vacant warehouse space was driven by the delivery of record levels of construction throughout the past year. Developers finished nearly 6M SF of new warehouses in Metro Atlanta in Q1 and were still underway on 19.8M SF, according to Savills.
“That’s going to be the biggest thing that affects the numbers going forward,” said Cori Nuttal, a principal with Lee & Associates in Atlanta...
RSK: Even Industrial has a bit of rising vacancy. One more rate hike is very plausible.
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- - Volume: 24 - WEEK: 16 Date: 4/16/2024 12:26:31 PM -