Atlanta Industrial Sector Showing Strength
Avison Young’s Q3 2024 Atlanta industrial market report was recently released. Here are some of the highlights:
- Leasing activity increased by 17.5% year-over-year to 9.4 million square feet in Q3, the highest it has been since 2022.
- Q3 2024 saw the highest amount of square footage leased than any quarter since Q4 2022.
- The increase in activity has also powered an 80% increase in absorption since last quarter.
- Groundbreakings for new construction projects are down over 80% compared to the peak of development in 2021.
- 27 buildings, totaling 7.7 million square feet, broke ground in 2024, compared to 125 buildings, totaling 40.3 million square feet, that broke ground in 2021.
- With vacancy rates continuing to rise, slowing the development pipeline should improve the overall health of the Atlanta industrial market.
- Leases less than 50,000 square feet accounted for 54% of deals signed during Q3 2024.
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