The Atlanta Commercial Board of REALTORS® (ACBR), the largest commercial REALTOR® association in the country, released its Q4 2016 Industrial Brief on industrial market trend statistics for 22 Atlanta Industrial Sub Markets.
Q4 2016 Industrial Market Statistics
LABOR: According to the Bureau of Labor Statistics, the unemployment rate dropped 0.4 percentage points from 5.3% in October 2015 to 4.9% in October 2016. The Atlanta metropolitan statistical area job creation totaled 70,400 in the Atlanta-Sandy Springs-Roswell metropolitan statistical area over the past year. Industrial using jobs (industries include manufacturing and trade transportation and utilities) increased 14,500 from October 2015 to October 2016.
ABSORPTION: The Atlanta metro absorbed approximately 3.1 million square feet (msf) during 4Q 2016 and 14.4 msf year-to-date. Major occupiers of space included Clorox, Hubbell Lighting, Tire Rack, Amerisource Bergen, Acclaim Lighting, Scott's Miracle Grow, Ainsworth, NGL, One Stop Auto Parts Inc and Iron Mountain.
The South market recorded the most absorption for 4Q 2016 with 1.4 msf absorbed. The Northeast market reflected the second largest absorption total with 1.3 msf of total absorption during 4Q 2016.
VACANCY: Due to approximately 13.8 msf of space being completed during 2016, the overall vacancy rate increased 0.6 percentage points to 9.3% in 4Q 2016 from 8.7% at the close of 4Q 2015. Industrial vacancy rates rose from 8.8% in 3Q 2016.
CONSTRUCTION: With the increase in demand for products due to population growth and increased economic activity in Atlanta, developers continue to build. There are currently 28 buildings totaling approximately 13.1 msf under construction. Through 4Q 2016, 36 buildings totaling 13.8 msf have been completed. Construction completions were concentrated in the South (6.5 msf), Northwest (3.1 msf), Northeast (2.9 msf), West (.9 msf) and North (.4 msf). Construction activity is expected to remain strong in 2017.
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The data in this report was compiled by data provided by Xceligent, a leading provider of verified commercial real estate information. For more information on details of this month's report, please contact the Board at 404.250.0051.