INDUSTRIAL PIPELINE HOW OUR SUBMARKETS STACK UP | MID-YEAR 2020 - LEE & ASSOCIATES ATLANTA - Lee & Associates
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
ATLANTA
INDUSTRIAL PIPELINE
HOW OUR SUBMARKETS STACK UP | MID-YEAR 2020
LEE & ASSOCIATES ATLANTA
3500 Lenox Road, Suite 1600 | Atlanta, GA 30326
www.leeatlanta.com | 404.442.2810
EXECUTIVE OVERVIEW CONSTRUCTION STARTS - NUMBER OF BUILDINGS
The first half of 2020 has been anything but ordinary. The coronavirus pandemic resulted in the entire globe 25
seeking some level of “shelter in place” except for essential businesses; those people who continued to work
instituted precautionary measures to diminish the spread of the virus. As of this report’s date, there are over
570,250 global deaths from COVID-19, with over 135,250 in the United States. In May, peaceful protests
blossomed across the globe as a call for the ending of the unjust treatment of people of color. In many instances, 20
the peaceful protests turned violent with the destruction of property and, in some cases, personal injury.
The silver lining to all these disruptions is that the industrial market has remained mostly unscathed. E-commerce
has realized over five years of projected growth in only a few months. Amazon is leasing 1 MSF distribution
centers faster than toilet paper disappeared from the store shelves. Q2 in Atlanta finished up with over 3 MSF 15
of positive absorption. Several other large leases were signed in Q2 that will occupy in Q3, almost assuring
another positive quarter of absorption. Industrial has weathered the storm and come out on top as the leading
real estate sector.
10
ATLANTA UNDER CONSTRUCTION - MID-YEAR 2020 5
TOTAL UNDER
CONSTRUCTION SPECULATIVE BUILD-TO-SUIT
# of # of # of 0
Industrial Submarkets SF % of SF SF % of SF SF % of SF
Bldgs Bldgs Bldgs
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Northeast Atlanta 10 3,518,496 16% 9 2,518,496 72% 1 1,000,000 28% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020
North Central 2 270,242 1% 1 125,242 46% 1 145,000 54%
Northwest Atlanta 10 3,313,247 15% 10 3,313,247 100% 0 - 0%
I-20 West / Fulton Ind. 9 2,342,791 10% 9 2,342,791 100% 0 - 0% CONSTRUCTION STARTS - SQUARE FOOTAGE
South Atlanta 16 8,603,931 40% 12 5,372,391 62% 4 3,231,540 38% 12,000,000
Stone Mtn. / Snapfinger 6 3,913,371 18% 5 1,113,371 28% 1 2,800,000 72%
TOTALS 53 21,459,596 46 14,785,538 68% 7 7,176,540 32% 10,000,000
8,000,000
ATLANTA INDUSTRIAL SUBMARKET OVERVIEW - Q2 2020
Total Vacancy Vacancy YTD 2020 Under YTD 2020
Inventory Total SF Q2 2020 Net Absorption Construction Deliveries 6,000,000
Northeast Atlanta 203,659,670 15,671,195 7.4% 650,182 3,518,496 2,121,386
North Central 23,257,467 978,741 4.2% (126,050) 270,242 286,361 4,000,000
Northwest Atlanta 73,527,407 3,102,593 4.2% 162,019 3,313,247 200,000
2,000,000
I-20 West / Fulton Ind. 105,738,920 4,187,207 4.0% 2,227,700 2,342,791 1,449,210
South Atlanta 205,829,528 22,749,140 11.1% 291,938 8,603,931 3,723,717
0
Stone Mtn. / Snapfinger 65,131,489 2,283,548 3.5% 650,785 3,913,371 439,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
TOTALS 677,144,481 48,972,424 7.2% 3,856,574 21,459,596 6,309,674 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020
Project | Address Developer Est. Completion SF Type Clear Ht. ATLANTA INDUSTRIAL
1 Peachtree Corners Logistics - Bldg 200 | 6455 Old Peachtree Rd Hardie Real Estate Group Q3 - 2020 163,644 Spec 32'
2 Peachtree Corners Logistics - Bldg 100 | 6455 Old Peachtree Rd Hardie Real Estate Group Q3 - 2020 256,469 Spec 32' UNDER CONSTRUCTION MAP
3 Jefferson Logistics Center | 0 Dry Pond & Horace Head Rd Panattoni Development Company Q3 - 2020 1,015,074 Spec 36’
Northeast Atlanta
4 SK Innovation | 1522 Steve Reynolds Industrial Pkwy IDA Q1 - 2021 1,000,000 BTS Varies
5 100 Friendship Road | 100 Friendship Rd Taylor & Mathis Q4 - 2020 101,660 Spec 28'
6 200 Friendship Road | 200 Friendship Rd Taylor & Mathis Q4 - 2020 149,000 Spec 28'
7 300 Friendship Road | 300 Friendship Rd Taylor & Mathis Q4 - 2020 136,080 Spec 32'
8 400 Friendship Road | 400 Friendship Rd Taylor & Mathis Q1 - 2021 272,160 Spec 32'
9 Oakwood 985 Business Park - Bldg 100 | 0 HF Reed Ind. Pkwy Logistics Property Company Q2 - 2021 174,764 Spec 32’
10
10 Oakwood 985 Business Park - Bldg 200 | 0 HF Reed Ind. Pkwy Logistics Property Company Q2 - 2021 249,645 Spec 32’
1 Shiloh Technology Ctr - Bldg A | 6510 Corporate Ct Dexter Companies Q4 - 2020 125,242 Spec 24'
NC
Atl.
2 Sports Warehouse | 1151 Bluegrass Lakes Pkwy Pattillo Construction Q2 - 2021 145,000 BTS 32’ 7
1 Northpoint | Northpoint Pkwy Taylor & Mathis Q1 - 2021 78,750 Spec 28’ 6 8 9
4
2 Cherokee 75 | 1601 Cherokee Pkwy Native Development / EastGroup Q3 - 2020 84,964 Spec 28’
3 River Point Industrial Park - Bldg 3 | 355 High Point Rd Black Creek Group Q3 - 2020 189,679 Spec 32’
Northwest Atlanta
4 3
4 River Point Industrial Park - Bldg 2 | 200 Riverpoint Rd Black Creek Group Q4 - 2020 401,774 Spec 36’ 3 5 9 10
2 2
5 River Point Industrial Park - Bldg 1 | 100 Riverpoint Rd Black Creek Group Q1 - 2021 187,390 Spec 32’ 1 6 8
1
6 Bartow Commerce Center | 51 Busch Dr Panattoni Development Company Q1 - 2021 328,000 Spec 36’ 5 7
7 Bartow Commerce Center | 41 Busch Dr Panattoni Development Company Q1 - 2021 396,000 Spec 32’
8 Northwest 75 Logistics Center - Bldg A | 0 Cassville White Rd IDI Logistics Q2 - 2021 311,660 Spec 36’
9 Northwest 75 Logistics Center - Bldg B | 0 Cassville White Rd IDI Logistics Q2 - 2021 1,108,990 Spec 40’
2
10 Georgia North Industrial Park - Bldg 100 | 0 International Pkwy Panattoni Development Company Q3 - 2020 226,040 Spec 32’ 1
1 Hartman Road Business Centre | 450 Hartman Rd Core5 Industrial Partners Q1 - 2021 126,050 Spec 32’
2 Intermodal Logistics Center | Dr. Luke Glenn Garrett Jr. Pkwy Taylor & Mathis Q2 - 2020 502,482 Spec 36’
I-20 West / Fulton Ind.
2 5 6
3 Westfork Business Park | 242 Westfork Ct Taurus Investment Holdings Q4 - 2020 86,400 Spec 28’ 3 1
4 Bright Star Logistics Center | 7550 Wood Rd Silverman Group Q4 - 2020 271,875 Spec 36’
4
5 Westlake | 5900 Plummer Rd McDonald Development Q2 - 2021 221,113 Spec 32’ 6 5
6 Westlake | 6000 Plummer Rd McDonald Development Q2 - 2021 252,801 Spec 36’ 7 2
8 1 3
9 10
7 West Fulton Commerce Park - Bldg 1 | 6400 Fulton Ind. Blvd Crow Holdings Industrial Q4 - 2020 302,870 Spec 36' 1 12 4
8 West Fulton Commerce Park - Bldg 2 | 6400 Fulton Ind. Blvd Crow Holdings Industrial Q4 - 2020 364,200 Spec 36' 3 2 11
5
9 West Fulton Commerce Park - Bldg 3 | 6400 Fulton Ind. Blvd Crow Holdings Industrial Q4 -2020 215,000 Spec 32' 4 13
1 Home Depot | 1000 Logistics Way Duke Realty Q4 - 2020 664,000 BTS 36’
6
2 Mason Road Distribution Ctr | 5195 Mason Rd Lincoln Property Company Q3 - 2020 386,374 Spec 36’
3 Airport Logistics Center | 4900 Stonewall Tell Rd TPA Group Q3 - 2020 499,500 Spec 36’
4 Crossroads Business Center | 5705 Campbellton Fairburn Rd Core5 Industrial Partners Q3 - 2020 1,007,412 Spec 40’ 7 14
8 15
5 85 South Commerce Center | 5220 Highway 138 Rd Hillwood Properties Q4 - 2020 573,324 Spec 36’
9
6 Shugart Farms | 1625 Oakley Industrial Blvd Red Rock Development Q1 - 2021 907,610 Spec 37’ 16
South Atlanta
7 Innovation Business Center | 185 Innovation Way Trammell Crow Company Q2 - 2021 201,908 Spec 32’
8 Innovation Business Center | 195 Innovation Way Trammell Crow Company Q2 - 2021 201,740 Spec 32’
9 The Goodyear Tire & Rubber Co. | 139 Orchard Business Pkwy Stonemont Financial Group/Prologis Q4 - 2020 1,514,040 BTS 32’
10 Prologis Hartsfield East | 3705 Wilson Road Prologis Q3 - 2020 168,696 Spec 32'
11 Kroger | 2000 Anvil Block Rd Robinson Weeks Partners Q3 - 2021 375,000 BTS Varies
12 Oakmont 675 | 4178 East Tanners Church Rd Oakmont Industrial Group Q3 - 2020 319,623 Spec 36’
13 Battle Creek Logistics Center | 1412 Battle Creek Rd Transwestern Development Company Q4 - 2020 352,173 Spec 36’
14 Greenwood Ind. Park - Bldg 500 | 165 Greenwood Ind. Pkwy Clarion Partners Q3 - 2020 485,091 Spec 36’
15 Declaration Logistics Ctr | 255 Declaration Drive Crow Holdings Industrial Q4 - 2020 268,940 Spec 32'
16 Home Depot | 381 Davis Lake Rd Scannell Properties Q4 - 2020 678,500 BTS 40’
1 Conyers Logistics Center | 1938 Gees Mill Road Ashley Capital Q3 - 2020 447,400 Spec 36'
2 20 East Business Center | 2005 Sarasota Pkwy Native Development / Hillwood Q3 - 2020 100,800 Spec 32’
Stone Mtn /
Snapfinger
3 East Park Logistics Center | 2082 East Park Dr Brennan Investment Group Q3 - 2020 216,000 Spec 32’
4 12101 Harland Dr Panattoni Development Company Q3 - 2020 188,225 Spec 32’
5 Oakmont Rock Mountain | 1500 Rock Mountain Blvd Oakmont Industrial Group Q4 - 2020 160,946 Spec 36’
6 Amazon Fulfillment Ctr | 2100-2200 W Park Blvd Seefried Properties Q2 - 2021 2,800,000 BTS Varies
NORTHEAST ATLANTA 10 1 Peachtree Corners Logistics Ctr - Bldg 200
Submarket Overview PROPERTIES UNDER
CONSTRUCTION 6455 Old Peachtree Rd | Peachtree Corners, GA
The Northeast Atlanta Submarket, including Jefferson and Gainesville,
3,518,496
Developer Hardie Real Estate Group
totals over 203,000,000 SF and accounts for approximately 30% of the
Total SF 163,644 SF
Atlanta Industrial Market. CoStar reports 650,182 SF absorption YTD.
SF UNDER CONSTRUCTION Spec/BTS Speculative
There were several large leases executed in Q2 that didn’t occupy prior
to the end of the quarter, including Walmart in Jefferson for 1,017,000 DOWN FROM 3,845,424 Q1 2020 Completion Q3 2020
SF and Amazon in Jefferson for 1,053,360 SF. Other notable leases in- Ceiling Height 32’ clear
1,032,922
clude Amazon in Buford for 1,117,509 SF and ThredUp for 270,509 SF in
Suwanee.
There are 10 buildings totaling 3,518,496 SF under construction in the SF PRE-LEASED
NE with another 791,469 SF scheduled to break ground Q3.
Northeast Atlanta continues to be one of the hot spots in Metro Atlanta. 2 Peachtree Corners Logistics Ctr - Bldg 100
The proximity to major interstates, as well as a dense and diverse pop-
ulation, continues to attract and support future industrial development. 16% 6455 Old Peachtree Rd | Peachtree Corners, GA
OF ATLANTA’S INDUSTRIAL
UNDER CONSTRUCTION SF Developer Hardie Real Estate Group
Total SF 256,469 SF
Spec/BTS Speculative
SUBMARKET MAP Completion Q3 2020
Ceiling Height 32’ clear
3 Jefferson Logistics Center
Dry Pond Rd & Horace Head Rd | Jefferson, GA
Developer Panattoni Development Co.
Total SF 1,015,074 SF
4 Spec/BTS Speculative
Completion Q3 2020
3 Ceiling Height 36’ clear
9 10
6 8
5 7
4 SK Innovation
1522 Steve Reynolds Ind. Pkwy | Commerce, GA
2
1 Developer IDA
Total SF 1,000,000 SF
Spec/BTS Build-to-Suit
Completion Q1 2021
Ceiling Height Varies
NORTHEAST ATLANTA
Submarket Overview
5 100 Friendship Road 8 400 Friendship Road
Buford, GA Buford, GA
Developer Taylor & Mathis Developer Taylor & Mathis
Total SF 101,660 SF Total SF 272,160 SF
Spec/BTS Speculative Spec/BTS Speculative
Completion Q4 2020 Completion Q1 2021
Ceiling Height 28’ clear Ceiling Height 32’ clear
6 200 Friendship Road 9
Oakwood 985 Business Park - Bldg 100
Buford, GA
0 HF Reed Industrial Pkwy | Oakwood, GA
Developer Taylor & Mathis
Developer Logistics Property Company
Total SF 149,000 SF
Total SF 174,764 SF
Spec/BTS Speculative
Spec/BTS Speculative
Completion Q4 2020
Completion Q2 2021
Ceiling Height 28’ clear
Ceiling Height 32’ clear
7 10
300 Friendship Road Oakwood 985 Business Park - Bldg 200
Buford, GA
0 HF Reed Industrial Pkwy | Oakwood, GA
Developer Taylor & Mathis Developer Logistics Property Company
Total SF 136,080 SF Total SF 249,645 SF
Spec/BTS Speculative Spec/BTS Speculative
Completion Q4 2020 Completion Q2 2021
Ceiling Height 32’ clear Clear Height 32’ clear
NORTH CENTRAL 2
Submarket Overview
PROPERTIES UNDER
CONSTRUCTION
The North Central Submarket has seen a sharp increase in speculative
construction since 2016 bringing the submarket total to 23,257,467 SF. De-
spite the rise in development, the vacancy rate in the submarket is 4.2%, 270,242
which remains below the metro Atlanta average vacancy rate of 7.2%. SF UNDER CONSTRUCTION
DOWN FROM 411,603 Q1 2020
This year, most of the leasing activity has been less than 20,000 SF; how- 1 Shiloh Technology Center - Bldg A
ever, the submarket has seen a few larger relocations. Some of the nota-
6510 Corporate Ct | Alpharetta, GA
ble leases signed have been Kenco (116,000 SF) at Roswell Distribution
Center and Hanger, Inc. (147,988 SF) at Shiloh Technology Center. Of the 145,000 Developer Dexter
286,361 SF that has delivered in 2020, more than half is already leased. SF PRE-LEASED
Total SF 125,242 SF
Although GA-400, the main artery in the submarket, has traffic conges-
Spec/BTS Speculative
tion and lacks interstate accessibility, this submarket remains a highly
1%
sought-after location because of the favorable demographics; however, Completion Q4 2020
this submarket typically doesn’t attract large industrial tenants due to the Ceiling Height 24’ clear
aforementioned challenges. OF ATLANTA’S INDUSTRIAL
UNDER CONSTRUCTION SF
SUBMARKET MAP
2 Sports Warehouse
1151 Bluegass Lakes Pkwy | Alpharetta, GA
Developer Pattillo Construction
Total SF 145,000 SF
Spec/BTS Build-to-Suit
Completion Q2 2021
Ceiling Height 32’ clear
2
1
NORTHWEST ATLANTA 10 1 Northpoint
Submarket Overview
TOTAL PROPERTIES UNDER Northpoint Pkwy | Acworth, GA
CONSTRUCTION
The Northwest Atlanta industrial submarket is witnessing it’s most extensive Developer Taylor & Mathis
expansion phase since early 2018 when 1.5 MSF of projects commenced.
Fueled by a sub-4% vacancy rate and steadily increasing rental rates, de- 3,313,247 Total SF
Spec/BTS
78,750 SF
Speculative
velopers are anticipating continued demand in this submarket. We believe SF UNDER CONSTRUCTION Completion Q1 2021
that tenants will be willing to push north into Bartow County to obtain mod- UP FROM 1,365,759 Q1 2020
Ceiling Height 28’ clear
ern facilities. Early indications suggest continued demand for more prod-
uct with multiple speculative buildings pre-leasing at healthy rental rates.
Trends to watch in future quarters will be the number of “infill” size ware-
houses around or under 150,000 SF. As sites become more challenging
101,829
SF PRE-LEASED
to find, one-off, infill buildings are becoming more common over park-
style developments. 2 Cherokee 75
15% 1601 Cherokee Pkwy | Acworth, GA
OF ATLANTA’S INDUSTRIAL Developer Native Development/EastGroup
UNDER CONSTRUCTION SF
Total SF 84,964 SF
Spec/BTS Speculative
SUBMARKET MAP Completion Q3 2020
Ceiling Height 28’ clear
3 River Point Industrial Park - Bldg 3
9 355 High Point Rd | Cartersville, GA
Developer Black Creek Group
Total SF 189,679 SF
7 Spec/BTS Speculative
6 8
Completion Q3 2020
Ceiling Height 32’ clear
4
3
5
2
1
4
River Point Industrial Park - Bldg 2
200 Riverpoint Rd | Cartersville, GA
Developer Black Creek Group
Total SF 401,774 SF
Spec/BTS Speculative
Completion Q4 2020
Ceiling Height 36’ clear
NORTHWEST ATLANTA
Submarket Overview
5 River Point Industrial Park - Bldg 1 8 Northwest 75 Logistics Center - Bldg A
100 Riverpoint Rd | Cartersville, GA 0 Cassville White Rd | Cartersville, GA
Developer Black Creek Group Developer IDI Logistics
Total SF 187,390 SF Total SF 311,660 SF
Spec/BTS Speculative Spec/BTS Speculative
Completion Q1 2021 Completion Q2 2021
Ceiling Height 32’ clear Ceiling Height 36’ clear
6 Bartow Commerce Center 9 Northwest 75 Logistics Center - Bldg B
51 Busch Dr | Cartersville, GA 0 Cassville White Rd | Cartersville, GA
Developer Panattoni Development Co. Developer IDI Logistics
Total SF 328,000 SF Total SF 1,108,990 SF
Spec/BTS Speculative (100% Leased) SPEC/BTS Speculative
Completion Q1 2021 Completion Q2 2021
Ceiling Height 36’ clear Ceiling Height 40’ clear
7 10 Georgia North Industrial Park - Bldg 100
Bartow Commerce Center
0 International Pkwy | Adairsville, GA
41 Busch Dr | Cartersville, GA
Developer Panattoni Development Co.
Developer Panattoni Development Co.
Total SF 226,040 SF
Total SF 396,000 SF
SPEC/BTS Speculative
Spec/BTS Speculative
Completion Q3 2020
Completion Q1 2021
Ceiling Height 32’ clear
Ceiling Height 32’ clear
I-20 WEST / FULTON 9 1
Hartman Road Business Centre
INDUSTRIAL ATLANTA
PROPERTIES UNDER
CONSTRUCTION
450 Hartman Rd | Austell, GA
Submarket Overview Developer Core5 Industrial Partners
Development activity in the I-20 West/Fulton Industrial submarket 2,342,791 Total SF
Spec/BTS
126,050 SF
Speculative
slowed in the first half of 2020 with fewer buildings and less square SF UNDER CONSTRUCTION
Completion Q1 2021
footage under construction than in previous quarters. As quality sites UP FROM 2,010,470 Q1 2020
Ceiling Height 32’ clear
become more scarce, we anticipate fewer bulk building starts in fu-
ture quarters. An interesting trend in the first part of 2020 is the re-
surgence of development in the Fulton Industrial corridor. With five
new buildings in the 200,000 – 400,000 SF range, developers are bet-
409,802
ting that lease-up rates buck the trend of the historical low-cost option SF PRE-LEASED
that Fulton Industrial has provided for the better part of two decades. 2 Intermodal Logistics Center
With robust leasing activity in the I-20 West submarket coupled with a Dr. Luke Glenn Garrett Jr. Pkwy | Austell, GA
lack of substantial construction, vacancies will hit record lows in the sec-
ond half of 2020 despite COVID-19 impacts.
10% Developer Taylor & Mathis
OF ATLANTA’S INDUSTRIAL
Total SF 502,482 SF
UNDER CONSTRUCTION SF
Spec/BTS Speculative
Completion Q2 2021
SUBMARKET MAP Ceiling Height 36’ clear
2
3 Westfork Business Center
3
1
242 Westfork Ct | Lithia Springs, GA
4
5
6 Developer Taurus Investment Holdings
7 Total SF 86,400 SF
8
9
Spec/BTS Speculative
Completion Q4 2020
Ceiling Height 28’ clear
4 Bright Star Logistics Center
7550 Wood Rd | Douglasville, GA
Developer Silverman Group
Total SF 271,875 SF
Spec/BTS Speculative
Completion Q4 2020
Ceiling Height 36’ clear
I-20 WEST / FULTON INDUSTRIAL ATLANTA
Submarket Overview
5 Westlake 8
West Fulton Commerce Park - Bldg 2
5900 Plummer Rd | Atlanta, GA
6400 Fulton Industrial Blvd | Atlanta, GA
Developer McDonald Development
Developer Crow Holdings Industrial
Total SF 221,113 SF
Total SF 364,200 SF
Spec/BTS Speculative
Spec/BTS Speculative
Completion Q2 2021
Completion Q4 2020
Ceiling Height 32’ clear
Ceiling Height 36’ clear
6 Westlake 9
West Fulton Commerce Park - Bldg 3
6000 Plummer Rd | Atlanta, GA
6440 Fulton Industrial Blvd | Atlanta, GA
Developer McDonald Development
Developer Crow Holdings Industrial
Total SF 252,801 SF
Total SF 215,000 SF
Spec/BTS Speculative
Spec/BTS Speculative
Completion Q2 2021
Completion Q4 2020
Ceiling Height 36’ clear
Ceiling Height 32’ clear
7 West Fulton Commerce Park - Bldg 1
6400 Fulton Industrial Blvd | Atlanta, GA
Developer Crow Holdings Industrial
Total SF 302,870 SF
Spec/BTS Speculative
Completion Q4 2020
Ceiling Height 36’ clearSOUTH ATLANTA 16 1 Home Depot
Submarket Overview
PROPERTIES UNDER 1000 Logistics Way | Atlanta, GA
CONSTRUCTION
The South Atlanta Industrial Submarket represents approxi- Developer Duke Realty
mately 30% of the metro area. Major submarket economic driv-
ers are Hartsfield-Jackson Atlanta International Airport and the 8,8,603,931 Total SF
Spec/BTS
664,000 SF
Build-to-Suit
Port of Savannah for air freight and aviation-related businesses. SF UNDER CONSTRUCTION Completion Q4 2020
UP FROM 7,795,995 Q1 2020
With 8.2 MSF under construction, the South Atlanta Submar- Ceiling Height 36’ clear
ket outpaces the other metro Atlanta submarkets by a 2 to 1 mar-
gin resulting in the highest vacancy rate (+/- 11.1%) of the six
submarkets due to the 5 MSF of spec product to be delivered. 4,329,148
SF PRE-LEASED
Activity in the South Atlanta Submarket is positive with current lease-
holds being inked: Goodyear (1,514,040 SF), Amazon (1,007,412 SF),
Home Depot (664,000 SF), and DSV (168,000 SF) in Q2 2020. The
2 Mason Road Distribution Center
drivers for the majority of the deals in this submarket is e-commerce.
Even though South Atlanta submarket has the highest vacancy, we don’t
40% 5195 Mason Rd | Atlanta, GA
see that lasting long due to recent and pending lease-up activity. The OF ATLANTA’S INDUSTRIAL Developer Lincoln Property Company
UNDER CONSTRUCTION SF
effects of the pandemic remain to be seen. Total SF 386,374 SF
Spec/BTS Speculative
SUBMARKET MAP Completion Q3 2020
Ceiling Height 36’ clear
1 10
12
3 11
4 2
6 3
5 13 Airport Logistics Center
6 4900 Stonewall Tell Rd | Union City, GA
Developer TPA Group
7
14 Total SF 499,500 SF
8 15
9
Spec/BTS Speculative
Completion Q3 2020
16
Ceiling Height 36’ clear
4
Crossroads Business Center
5705 Campbellton Fairburn Rd | Union City, GA
Developer Core5 Industrial Partners
Total SF 1,007,412 SF
Spec/BTS Speculative (100% leased)
Completion Q3 2020
Ceiling Height 40’ clearSOUTH ATLANTA
Submarket Overview
5 85 South Commerce Center 8 Innovation Business Center
5220 Highway 138 Rd | Union City, GA 195 Innovation Way | Newnan, GA
Developer Hillwood Properties Developer Trammell Crow Company
Total SF 573,324 SF Total SF 201,740 SF
Spec/BTS Speculative Spec/BTS Speculative
Completion Q4 2020 Completion Q2 2021
Ceiling Height 36’ clear Ceiling Height 32’ clear
6 Shugart Farms 9 The Goodyear Tire & Rubber Company
1625 Oakley Industrial Blvd | Palmetto, GA 139 Orchard Business Pkwy | Newnan, GA
Developer Red Rock Development Developer Stonemont Financial / Prologis
Total SF 907,610 SF Total SF 1,514,040 SF
Spec/BTS Speculative Spec/BTS Build-to-Suit
Completion Q1 2021 Completion Q4 2020
Ceiling Height 37’ clear Ceiling Height 32’ clear
7 Innovation Business Center 10
Prologis Hartsfield East
185 Innovation Way | Newnan, GA 3705 Wilson Rd | Atlanta, GA
Developer Trammell Crow Company Developer Prologis
Total SF 201,908 SF Total SF 168,696 SF
Spec/BTS Speculative Spec/BTS Speculative (100% leased)
Completion Q2 2021 Completion Q3 2020
Ceiling Height 32’ clear Ceiling Height 32’ clearSOUTH ATLANTA
Submarket Overview
11 Kroger 14 Declaration Logistics Center
2000 Anvil Block Rd | Forest Park, GA 255 Declaration Dr | McDonough, GA
Developer Robinson Weeks Partners Developer Crow Holdings Industrial
Total SF 375,000 SF Total SF 268,940 SF
Spec/BTS Build-to-Suit Spec/BTS Speculative
Completion Q3 2021 Completion Q4 2020
Ceiling Height Varies Ceiling Height 32’ clear
12 Oakmont 675 15
Greenwood Industrial Park - Bldg 500
4178 E Tanners Church Rd | Ellenwood, GA
165 Greenwood Ind. Pkwy | McDonough, GA
Developer Oakmont Industrial Group
Developer Clarion Partners
Total SF 319,623 SF
Total SF 485,091 SF
Spec/BTS Speculative
Spec/BTS Speculative
Completion Q3 2020
Completion Q3 2020
Ceiling Height 36’ clear
Ceiling Height 36’ clear
13 Battle Creek Logistics Center 16
Home Depot
1412 Battle Creek Rd | Jonesboro, GA 381 Davis Lake Rd | Locust Grove, GA
Developer Transwestern Development Co. Developer Scannell Properties
Total SF 352,173 SF Total SF 678,500 SF
Spec/BTS Speculative Spec/BTS Build-to-Suit
Completion Q4 2020 Completion Q4 2020
Ceiling Height 36’ clear Ceiling Height 40’ clearSTONE MOUNTAIN /SNAPFINGER
6 1
Conyers Logistics Center
PROPERTIES UNDER
Submarket Overview CONSTRUCTION 1938 Gees Mill Road | Conyers, GA
The I-20 East Submarket totals just over 65,000,000 SF and has seen a Developer Ashley Capital
recent surge of new developments by Ashley Capital, Ackerman, Panat-
toni, Brennan Investment Group, and Native Development Group. Co-
3,913,371 Total SF
Spec/BTS
447,400 SF
Speculative
SF UNDER CONSTRUCTION
Star reports 650,785 SF of net absorption for YTD driven primarily by Completion Q3 2020
DOWN FROM 4,077,371 Q1 2020
Gourmet Foods Intl leasing 320,080 SF at 3370 Panthersville Road, Ceiling Height 36’ clear
Westrock leasing 60,575 SF at 12101 Harland Drive in Covington and
2,860,000
Mytex Polymers moving into 120,510 SF at 9172 Industrial Drive in
Covington in Q2 2020. The current vacancy rate for I-20 East is 3.5%.
Trammell Crow is planning a new Home Depot Distribution Center SF PRE-LEASED
on ±80 acres on Coffee Road in Lithonia, while Ashley Capital just an-
nounced a new 167-acre development on Hazelbrand Road. Ashley will 2
20 East Business Center
18%
break ground shortly with a 300,000 SF spec building at the 167-acre site.
2005 Sarasota Pkwy | Conyers, GA
OF ATLANTA’S INDUSTRIAL
UNDER CONSTRUCTION SF Developer Native Development/Hillwood
Total SF 100,800 SF
Spec/BTS Speculative
SUBMARKET MAP Completion Q3 2020
Ceiling Height 32’ clear
3
5 East Park Logistics Center
6 2082 E Park Drive | Conyers, GA
Developer Brennan Investment Group
Total SF 216,000 SF
Spec/BTS Speculative
Completion Q3 2020
2 Ceiling Height 32’ clear
1 3
4
4
12101 Harland Drive
Covington, GA
Developer Panattoni Development Co.
Total SF 188,225 SF
Spec/BTS Speculative
Completion Q3 2020
Ceiling Height 32’ clearSTONE MOUNTAIN /SNAPFINGER
Submarket Overview
5
Oakmont Rock Mountain
1500 Rock Mountain Blvd | Stone Mountain, GA
Developer Oakmont Industrial Group
Total SF 160,946 SF
Spec/BTS Speculative
Completion Q4 2020
Ceiling Height 36’ clear
6
Amazon Fulfillment Center
2100-2200 W Park Blvd | Stone Mountain, GA
Developer Seefried Properties
Total SF 2,800,000 SF
Spec/BTS Build-to-Suit
Completion Q2 2021
Ceiling Height VariesLEE ATLANTA INDUSTRIAL AGENCY SERVICES TEAM SINCE 2005...
The Lee Atlanta Industrial Agency Services Team consists of six seasoned veterans who specialize geographically
to provide our clients with in-depth and up-to-date knowledge of every submarket in Metro Atlanta. Collabora-
tion, coupled with superior support services from our dedicated Senior Project Coordinator and our Director
$1,173,000,000+
of Marketing and Strategy, allows us to provide quick and quality exposure to tenants in the market. Lastly, our GROSS TRANSACTION
expertise in both landlord representation and tenant representation help us establish and share detailed and
real-time market insights. VOLUME
NORTH CENTRAL 25+ DEALS 72,200,000+
NORTHWEST ATLANTA 130+ DEALS GROSS SQUARE
FEET TRANSACTED
STONE MOUNTAIN / SNAPFINGER 50+ DEALS
I-20 WEST / FULTON INDUSTRIAL 110+ DEALS
1300+
NORTHEAST ATLANTA 530+ DEALS TRANSACTIONS
SOUTH ATLANTA 375+ DEALS
CLOSED
Tyler Flemming Since 2006 Rick Tumlin, CCIM, SIOR Since 1987
Tyler Flemming has fourteen years of real estate experience specializing in landlord and tenant Mr. Tumlin has over 30 years of landlord / seller and tenant / buyer representation, project marketing,
representation, project leasing, building sales, and investment properties. Throughout the transaction, and build-to-suit experience. He has been named exclusive representative for commercial and industrial
Mr. Flemming collaborates with local, regional, and national clients to ensure the achievement of his properties with a value of over $600 million. During the same period, he has closed numerous transactions
clients’ real estate and business objectives. He currently represents over 5 million square feet of industrial with a total amount in excess of $600 million.
properties in the Atlanta area. Mr. Flemming has completed over 500 real estate transactions.
Tommy Hiles, SIOR Since 1981 Craig Viergever, SIOR Since 1989
Mr. Hiles joined Lee & Associates in 2011 with more than 30 years of corporate industrial real estate With 31 years of brokerage experience in metro Atlanta, Mr. Viergever focuses on a combination of
experience, including a stint at First Industrial. He has transacted leases and sales, ranging from 1,800 landlord and tenant representation. His focus is in the North Central, Northeast, and Stone Mountain/I-20
square feet to 1,000,000 square feet. Since 2005, Tommy has been involved in more than 325 transactions East markets. He has also represented several manufacturing and e-commerce companies with growth
and leased more than 21,000,000 square feet with a gross aggregate lease value in excess of $300,000,000. and consolidation needs. His in-depth knowledge of their specific and unique needs has provided his
His specialized corporate advisory knowledge assists clients in optimizing their real estate and facility clients with exceptional service and value. Craig is also actively involved in the local community, the
occupancy and ownership positions. Georgia chapter of SIOR, and the Lee & Associates national industrial practices group.
Billy Snowden, SIOR Since 2002
Amy Weimar Senior Project Coordinator
As a member of the Lee & Associates Industrial Agency Services Team, Mr. Snowden has executed site
Ms. Weimar has been a member of the Lee Atlanta Industrial Agency Services Team since its formation in
acquisition, leasing, and investment sale assignments on behalf of many of the nation’s leading multi-
2015. Bringing two years of outside sales experience to her role gives her a unique perspective on how
market landlords. His focus is to provide a full-service approach to each assignment tailored around the
to best support the team. She is responsible for compiling ownership reports, implementing marketing
specific needs, objectives, and resources of each client. Billy’s expert capabilities in strategic planning,
strategies for each asset the group represents and maintaining internal and external databases for the
financial analysis, demographic studies, building systems analysis, market studies, and asset disposition
team’s assets. Ms. Weimar has held a real estate salesperson’s license since 2017.
complement his industrial transaction initiatives.
Michael Sutter, SIOR Since 2004 Patricia Donahue Director | Marketing & Strategy
Michael Sutter has sixteen years of real estate experience in which his primary focus is in landlord and Ms. Donahue specializes in high-level strategy to transform marketing, graphic design, and research into
tenant representation throughout Atlanta and the Southeast. Mr. Sutter works diligently with his clients to value-add services that procure new business and retain existing clients. She is responsible for developing
NORTHEAST
implement real estate strategies to create cost-effective savings to increase theATLANTA
bottom line. 530+ DEALS marketing and business development strategies, analyzing and tracking performance, creating custom
pitches and material, and overseeing PR and social media engagements. She has managed the marketing
He currently represents approximately 2.9 million square feet of industrial product. for over $5 billion in commercial real estate transactions.
SOUTH ATLANTA 375+ DEALSABOUT LEE & ASSOCIATES
176%
INCREASE IN TRANSACTION
VOLUME OVER 5 YEARS EXCEPTIONAL EXPANSION
$15+
2020 - Washington, DC 2008 - Santa Barbara, CA
2019 - Toronto, ON Canada 2006 - Antelope Valley, CA
BILLION, 2019 2018 - Cincinnati, OH 2006 - Dallas, TX
TRANSACTION VOLUME 2018 - Raleigh, NC 2006 - Madison, WI
2018 - Miami, FL 2006 - Oakland, CA
2016 - Seattle, WA 2006 - Reno, NV
1,300 2016 - Walnut Creek, CA
2016 - Vancouver, BC Canada
2006 - San Diego - UTC, CA
2006 - Ventura, CA
PROFESSIONALS AND GROWING 2016 - Twin Cities, MN 2006 - San Luis Obispo, CA
2016 - Pasadena, CA 2005 - Southfield, MI
65+
2015 - Eastern Pennsylvania 2005 - Los Olivos, CA
2015 - Columbus, OH 2004 - Calabasas, CA
LOCATIONS AND GROWING 2015 - Houston, TX 2004 - St. Louis, MO
2014 - Denver, CO 2002 - Chicago, IL
2014 - Cleveland, OH 2001 - Victorville, CA
2013 - Long Island-Queens, NY 1999 - Temecula Valley, CA
LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS.
2013 - Chesapeake Region , MD 1996 - Central LA, CA
2012 - Edison, NJ 1994 - Sherman Oaks, CA
2012 - Orlando, FL 1994 - West LA, CA
2012 - Charleston, SC 1993 - Pleasanton, CA
LEE & ASSOCIATES IS THE LARGEST BROKER-OWNED COMMERCIAL REAL 2011 - Fort Myers, FL 1993 - Stockton, CA
ESTATE FIRM IN NORTH AMERICA, AND ONE OF THE FASTEST GROWING 2011 - Manhattan, NY 1991 - Phoenix, AZ
2011 - Greenville, SC 1990 - Carlsbad, CA
Every Lee & Associates office delivers world-class service to an array of regional, national, and international 2010 - Atlanta, GA 1990 - Industry, CA
clients - from small businesses and local investors to major corporate users and institutional investors. Our
2010 - Greenwood, IN 1989 - LA - Long Beach, CA
professionals combine the latest technology, resources, and market intelligence with their experience,
2010 - Indianapolis, IN 1989 - Riverside, CA
expertise, and commitment to superior service to optimize client results.
2009 - Long Beach, CA 1987 - Ontario, CA
2009 - Elmwood Park, NJ 1984 - Newport Beach, CA
GEOGRAPHIC FOCUS
Lee & Associates is a national organization growing to 65+ offices serving more than 20 key markets. 2008 - Boise, ID 1983 - Orange, CA
The organization is comprised of over 1300 real estate professional and growing. 2008 - ISG, LA, CA 1979 - Irvine, CA
2008 - Palm Desert, CA
CORPORATE HISTORY
Lee & Associates was founded in 1979. Bill Lee’s guiding philosophy was that the clients’ interests would be
best served by a collective team effort from experienced agents who had an ownership stake in a privately-
held, entrepreneurial-minded organization. A Principals’ ownership stake is earned through exceptional
performance and ethical practice.
Lee & Associates Atlanta strives to create a sense of shared responsibility and cooperation throughout the
organization and encourage an orientation toward long-term client relationships and business solutions.
The Atlanta office was founded in 2004 and is comprised of 9 staff, 2 property mangers, and 39 partners/
associates, who have extensive commercial real estate experience.LEE & ASSOCIATES ATLANTA 3500 Lenox Road, Suite 1600 | Atlanta, GA 30326 www.leeatlanta.com | 404.442.2810
You can also read
