Atlanta industrial real estate market reports
Q1 2024
The Atlanta industrial market ended first quarter with 2,182,265 sf of positive absorption. Development continues to cool with 17.4 msf currently in the construction pipeline. The need for industrial space remains high, but the pace of construction has cooled due to rising interest rates as well as a shift in product demand. 87% of deals signed during first quarter were in spaces less than 50k sf. Vacancy rates are lowest in buildings 20-50k sf and are highest in buildings over 750k sf causing landlords to remain in the driver’s seat while tenants are having to compete for available inventory. The vacancy rate for the Atlanta market is currently at 7.7%, the highest it has been since 2013 due to new product outpacing demand.
Leasing activity increases in smaller space
87% of industrial leases signed during first quarter were for space less than 50,000 sf.
Development pipeline continues to cool
There is 17.4 msf in the construction pipeline with only 265k sf breaking ground during first quarter.
Vacancy rate escalates as new product outpaces demand
Total vacancy is at 7.7%, a 4.1% increase since 2023.
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