Why This Matters:
Despite economic and real estate financing headwinds, the Savannah Industrial market remains in growth mode. The Port of Savannah has seen twenty-foot equivalent unit growth of over 20% year-over-year, with an accompanying active tenant demand of approximately 30M SF of industrial space. Beyond the Port, the Hyundai Metaplant is set for its grand opening in early 2025, the culmination of a project that, spread across nearly 3,000 acres, will have a profound additional impact on the real estate landscape in the Coastal Georgia region. However, due to a rush of deliveries, vacancy has crept up to nearly 10% across the market. Questions have now arisen regarding labor availability to service these properties, and how the vacancy will continue to be filled in the short term.
How do major projects and increasing vacancies coalesce? How are existing property owners renovating and upgrading their building stock to compete with the latest deliveries? How will the delivery of the Hyundai Metaplant, and the influx of suppliers and distributors servicing the plant, impact valuations and absorption? Join Bisnow, and our assembled panelists as we strive to answer these, and the most pressing questions, facing Savannah’s hottest commercial real estate sector as we aim to better position you in search of your next deals.
What You’ll Learn:
- What is the latest status of Hyundai’s Metaplant project, and what impact is being seen thus far in terms of its associated suppliers and distributors?
- How is the Metaplant project, as well as the larger Port network, influencing valuations and development demand?
- Is the labor pool in Savannah expected to grow, and how large of a potential roadblock could it provide against continued industrial growth?
- How are older, second-generation industrial assets faring from a leasing and trade perspective?
- How are firms evaluating upgrading or renovating existing stock to be competitive in the current landscape?
- When do building upgrades make sense, and when don’t they? How can the stakeholders in the building community collaborate to make them as cost-effective as possible?
