April 28, 2016
Developers and logistics operators have been scrambling to find industrial real estate near the Port of Savannah in Garden City, GA. With an overall vacancy rate of 3.2%, space is difficult to find.
The reason for the lack of availability in a booming market was the Great Recession. Vacancy rates went from 8% in 2007 to 19% by the end of 2009. This, in turn, left many developers with warehouses and cross-dock spaces they couldn’t lease or sell.
The port’s growth in container volume, however, has been spurring demand for space. Developers are coming back into the market to build. But, David Sink with Colliers International said it can take up to 18 months to finish a build, depending on the size.