Avison Young in Savannah
For more than 20 years, the principals and associates of the Savannah, Georgia offices of Avison Young have been providing a full range of commercial real estate services to clients. The Savannah office offers a full suite of commercial real estate services including brokerage, property management, project management, capital markets and development services for business, industrial and investment organizations of all kinds.
Guiding everything we do is an unwavering commitment to excellence in client service. Through a dedicated, principal-led business resources team, we provide tools, technology and expertise to support our clients, however complex their challenges. Our approach is holistic and consistent. It starts with an understanding of your business priorities, not with real estate transactions. For our clients, this means we produce customized, cost-effective solutions with speed, creativity and confidence.
With over 75 years of combined experience, the property management team gives owners the confidence their investment will be properly managed. In addition to maintaining positive tenant relationships, our team delivers innovative real estate management solutions, finds reputable and responsive vendors at competitive prices, and provides the resources to keep track of clients’ financial information. Our experience and expertise span commercial, retail and industrial property types, and include all of the resources and expertise of Avison Young’s global organization.
Services
| User/Occupier | Owner/Investor | Development |
|---|---|---|
| Transaction Management | Landlord Representation | Real Estate Development |
| Tenant Representation | Capital Markets | Management and Advisory |
| Consulting and Advisory | Investment Sales | Design Management |
| Project Management | Property Management | Construction Management |
| Enterprise Solutions | Investment and Asset Management | |
| Project Management - Investor | ||
Area Overview
Established 1733, Savannah is known for its rich history, natural beauty, eclectic architecture, romantic ambiance, and tales of past generations with an added modern punch of high-end boutiques, galleries and restaurants. The City of Savannah is located in coastal Chatham County, Georgia, while the Savannah MSA comprises Chatham, Bryan and Effingham counties and provides a population of more 387,000.
Savannah’s flourishing economy built on the foundation of a diverse economy, which includes a combination of the single largest and fastest growing container terminal in America (Georgia Ports Authority), a $3 billion tourism industry, advanced manufacturing, aerospace, Logistics, creative & design tech, healthcare, a large military presence and international trade.
From the invention of the cotton gin on Chatham County's Mulberry Plantation, which led to the Savannah Cotton Exchange being known as the "Wall Street of the South”, to the first steam ship to cross the Atlantic Ocean — the Savannah — in 1819, the City of Savannah has long been recognized as a location for business. Georgia has been named the best state in which to do business for four years in a row by promoting forward-thinking infrastructure investment and strengthening its position at the forefront of economic development. Nowhere is that more evident than in Savannah, Georgia where businesses are thriving on a global scale.
Dynamic population growth, a robust business climate, and a thriving artistic and cultural community come together to create the highest quality work and home environments in Savannah, one of the nation's loveliest and most historic port cities.
The Port of Savannah
The Port of Savannah, run by the Georgia Ports Authority (GPA), is the largest and fastest growing Port in the United States. Comprised of two modern, deepwater terminals: Garden City Terminal and Ocean Terminal. The Garden City Terminal is the fourth busiest container handling facility in the United States, reporting a record 4.2 million TEUs handled in fiscal year 2018.
Savannah’s superior infrastructure has allowed the port to handle the massive influx of cargo from vessels carrying more than 13,000 TEUs while maintaining fluid cargo movement. In addition to Savannah Harbor Expansion Project, GPA has announced a $2.5 billion plan to expand the capacity of the nations’ fastest growing port to 8 million TEUs by 2028.
Supporting approximately 440,000 full and part-time jobs across the state, the Georgia Ports Authority connects the Southeast’s economy to the markets of the world, generating opportunities for the entire region.
Markets
Georgia’s unemployment rate is at 3.8%, while the Savannah MSA is registered at 3.6% as of 2018. With more than 430,000 in the labor pool available within 60 miles, Savannah’s talent pipeline is diverse, young and highly skilled. Its multi-faceted personality: that of a major tourist attraction, an aerospace manufacturing center, a very busy deep-water port, and a regional hub for health and educational services has made Savannah an economic star.
Industrial Overview
Savannah’s Industrial Market continues to grow, mainly attributed to the continued growth of The Georgia Ports Authority. With nearly 5 million square feet of new construction delivered in 2017, vacancy rates reached a record low of below 1% in 2018. Currently, over 10 million square feet of space is under construction scheduled for delivery in 2019, with roughly half of that space being build-to-suit projects. Expectations are the remaining speculative space under construction will lease prior to building completion. After the remaining buildings are completed, forecasts call for vacancy rates to fall somewhere in the 3%-4% range. This high leasing demand has resulted in strong industrial investment sales in 2018, with cap rates below 6%. 2019 outlook is favorable as demand continues to outpace delivery and the port continues its record-breaking growth.
Office Overview
Savannah’s history, desirable coastal location, and restaurant/retail attractions draw millions of visitors to the area each year contributing to Savannah generally outpacing the national average employment growth. Savannah’s Office Market vacancy rate decreased and market rents increased from 2017 to 2018, continuing Savannah’s economic growth and diversity. With new office projects in Park of Commerce and Eastern Wharf, 2019 outlook should continue the trend of gradual improvement.
Retail Overview
Savannah’s retail market has continued to expand. Broughton Street retail development activity appears to be maturing as occupancy rates are reported to be above 95%. The Ben Carter project, launched in 2014, yielded about $90 million in investment and includes about 100,000 square feet. The Starland District continues to attract new investment and a major addition is expected to add a 600 to 800 seat music venue and more retail, office and residential space. Pooler continues to see strong commercial development. New restaurant and retail establishments are expected, along with a micro hospital, hotels, entertainment venues, and other commercial activity. Numerous other smaller projects are underway in the downtown CBD, midtown, and southside markets. These projects are being spurred by continued growth in consumer spending.
Savannah's allure has been recognized nationally by Trip Advisor as, "Travelers' Choice: Top 25 U.S. Destinations" (#16), received the "Award of Excellence" from Corporate & Incentive Travel and was named one of the "25 Most Romantic Cities in America" (#3) by OpenTable.com. Travel + Leisure named Savannah one of “The 50 Best Places to Travel in 2019,” and they earned #3 on the “Top U.S. Cities.” Southern Living named Savannah #2 on “The South’s Best Cities.”