The Georgia Ports Authority moved an all-time high 519,390 twenty-foot equivalent container units in May, breaking the previous record of 504,350 TEUs set in October 2021. May volumes grew by 8.5 percent, or 40,770 TEUs, compared to the same month last year.
As of April, GPA has added 900,000 TEUs of annual capacity to Garden City Terminal. Another 300,000 are expected to come online in July for a new total of more than 7 million TEUs of container handling space.
Additionally, Phase I of the Garden City Terminal West expansion has added a 25-acre container yard adjacent to Ga. Highway 21, a principal truck route approaching the main terminal. Phase II will add up to 1 million TEUs of annual capacity, which will begin coming online in 2023.
The local industrial real estate market continues to respond to the increasing demand for space with over 21 million square feet currently under construction. Seven different build-to-suit projects account for 7.4 million square feet of the total and there are 22 spec buildings underway totaling over 13.8 million square feet with an average size of 628,000 square feet. Leasing activity remains brisk, with many leases getting signed on spec buildings before construction is complete.
Key Takeaways
- Vacancy dropped from0.76% Q1 2022 to 0.25% Q2 2022
- 21,205,397 SF is currently under construction of which 13,814,574 SF is spec and 7,389,133 SF is build-to-suit
- Over 7MM SF has been leased or has a lease pending within spec buildings that will deliver Q3
