Atlanta, GA, is experiencing record-low vacancy rates.
Over the first three months of 2021, the increases in occupancy were high enough for the industrial market in Atlanta to be the first in the nation for total space absorbed.
The overall vacancy for the industrial market was as low as 5.4% earlier this year. As a result, there is a high demand for space—and construction. As a result, new industrial construction within the Atlanta area is increasing to a record high.
The Industrial Real Estate’s Ability to Grow Throughout the COVID-19 Pandemic
While many worked from home and schooled online in 2020 and 2021, they weren’t going out to do their shopping.
Instead, they got their items delivered. This resulted in vastly increased demand on the supply chain and industrial real estate. To keep pace with that demand, industrial property construction grew.
Atlanta alone was projected to add 10.8 million square feet to brand-new industrial operations across 29 distinct projects this year. One of the most significant projects of those 29 is the 1.1 million square foot new building in the Majestic Airport Center V.
The year isn’t over.
This means that right now is the perfect time for new projects to advance. These new projects are the Gardner Logistics Park, the first building at River Park, and Greenwood 75.
Local Atlanta Industrial Construction Grows Precipitously in 2021
Let’s check in with these three Atlanta-area projects.
Greenwood 75 is an existing building and new development project housed in the 1-75 South / McDonough industrial corner. After the construction is complete, Greenwood 75 will feature a forty-foot interior clear height, 300 car parking spaces (plus more parking for trailers), and large loading doors. Initially built in 2000, this building is expanding from 400,000 square feet to just over one million.
Gardner Logistics Park
Gardner Logistics Park is located in Henry County, a growing part of Atlanta. One executive noted the reason why Henry County is the site of so much development: “Henry County’s access to the Atlanta market and the Port of Savannah continues to attract investment from growing companies like Wayfair.”
That isn’t all. According to the Metro Atlanta Chamber president, the “…expansion into our region confirms our position as a transportation hub and as an emerging epicenter for innovation-based companies.”
This potential is fueling the development of Gardner Logistics Park. The building will occupy over two million square feet. The park is already home to distribution facilities for Home Depot, Ghirardelli, Tori Burch, and Scotts. With so much more square footage on the way, this park is sure to attract more investments in the future.
Cubes at River Park
Cubes at River Park is a 1,200-acre development that is offering real estate for upcoming industrial investments. One real estate development entity, CRG, is developing a one-million-square-foot speculative industrial building that should be complete by the third quarter of 2022.
The executive vice president and Southeast Region industrial leader for CRG anticipate that the Cubes at River Park will constitute a best-in-class facility. He emphasized the current opportunity growth in Atlanta, saying, “We continue to see significant industrial demand for this submarket, so it was pivotal for us to identify a location that could support the type of super bulk users we work with all over the country.”
Leveraging the Power and Stability of Steel Construction for Your Georgia Building Project
Whether you’re involved in industrial development or building for commercial or personal purposes, now’s a good time to remember that steel is an efficient and sustainable way to achieve your construction goals.
Trust us when we say that steel is the way to go from protecting your people and your assets well in the event of a Georgia natural disaster to remaining fireproof and even helping you build and retain property value.
What’s more, we can help. At Peak Steel Contractors, we’re here to help you manage, design, and construct your building. We will also remain in scope and on budget. So allow us to help you capitalize on this time of industrial growth in Georgia! Give our friendly team a call today.
Check out our past projects and contact us for more information.