Atlanta industrial real estate market reports

Q4 2023

The Atlanta industrial market ended the year with 174,837 sf of positive absorption. Development remains steady with 28.3 msf delivering in 2023 with another 19.5 msf currently in the construction pipeline. Demand for industrial space remains high, but the pace of construction has cooled due to rising interest rates. There is 11.2 msf of available sublease space as tenants reevaluate due to economic uncertainty. Rental rates continue to increase, especially renewal rates, as landlords remain in the driver seat and are able to negotiate with their current tenants to remain competitive with market prices.

64%

Smaller spaces prove to be in high demand

64% of industrial leases signed during 2023 were for space less than 50,000 sf.

11.2 msf

Sublease availability continues to increase

Over 11.2 msf of sublease space is available, a 110% increase year-over-year.

$8.65

Rental rates continue to escalate on renewals

Average asking renewal rates are up 13.8% year-over-year.

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