ATLANTA INDUSTRIAL REPORT
Northwest Atlanta Industrial Submarket
Q1 2022
Absorption Positive, Construction Booming in Northwest Atlanta
ABSORPTION, DELIVERIES AND VACANCY RATE
Northwest Atlanta Industrial saw negative absorption of (187,000) square feet in Q1 of 2022 on the heels of a record-setting Q4, where the submarket experienced positive absorption of over 1.8 million square feet, an all-time record for one quarter. While Northwest Atlanta Industrial’s vacancy rate rose 240 basis points (2.4%) in Q1, there is little cause for alarm: the rise in vacancy and negative absorption in Q1 was due to a whopping 1,904,493 square feet of deliveries, most of it spec product. Development has not lost any steam either, with 5 new buildings breaking ground in Q1, bringing the total square footage under construction to nearly 9 million.
6,000,000
8.0%
5,000,000
7.0% 6.0%
4,000,000
5.0% 3,000,000 4.0% 2,000,000 3.0% 1,000,000
2.0%
0
1.0%
‐1,000,000
2017
2018
2019
Absorption
2020
Deliveries
2021
2022 YTD
0.0%
Source: CoStar
Vacancy Rate
NORTHWEST ATL IND
Inventory SF
Vac Rate Q1 ‘22
Vac Rate Q4 ‘21
Net Absorp Q1 ‘22
Net Absorp Last 12 Mos
Deliveries Last 12 Mos
SF Under Construction
Avg Rent (NNN)
<250,000 SF
55,952,911
3.7%
3.0%
(187,007)
1,333,268
1,042,471
515,705
$6.20
“BIG BOX” >250,000 SF
26,364,777
7.9%
1.5%
-
2,234,764
3,869,778
8,464,904
$4.92
Total
82,317,688
5.0%
2.6%
(187,007)
3,568,032
4,912,249
8,980,609
$5.73
NORTHWEST ATLANTA INDUSTRIAL RECENT LEASES Tenant
Property
Owner/Developer
Sign Date
SF
Lease Type
Amazon
1250 Cassville White Rd - Building B
IDI Logistics
Nov 2021
1,108,990
New Lease
400 International Pky
Ashley Capital
Mar 2022
498,144
New Lease
2750 Barrett Lakes Blvd
Prologis
Mar 2022
368,931
New Lease
Duluth Trading Company Reynolds Consumer Products
NORTHWEST ATLANTA INDUSTRIAL RECENT INVESTMENT SALES Property
Price
SF
$/SF
Date
Buyer
Bartow Commerce Center 1 & 2
$85,270,000
724,000
$117.78
12/28/2021
LXP Industrial Trust
95 International Pky - Bldg 100
$26,730,000
225,211
$118.69
12/28/2021
LXP Industrial Trust
1000 Evenflo Dr
$25,750,000
371,338
$69.34
12/8/2021
Lightstone Group
Lincoln Property Company Atlanta tracks industrial buildings that are 25,000 sf or greater.
Lincoln Southeast Industrial Available Listings
Forsyth 400 Commerce Center Forsyth 400 Commerce Center Bldg 100 Bldg 200 2705-2715 Ronald Reagan Blvd, 2705-2715 Ronald Reagan Blvd, Cumming, GA Cumming, GA
Airport West 500
Joe Frank Harris Pkwy SE
Conyers Logistics Center
3625 Naturally Fresh Blvd, Atlanta, GA
Joe Frank Harris Pkwy SE, Emerson, GA
2107 Eastview Pky, Conyers GA
141,986 SF
110,197 SF
218,370 SF
306,376 SF
201,600 SF
Delivering Q3 2022
Delivering Q3 2022
Delivering Q3 2022
Delivering Q2 2023
Existing
Need More Market Intel?
Spencer Papciak Research Manager 678.498.7676 spapciak@lpc.com
Turner Fortin Leasing Associate 404.863.9931 tfortin@lpc.com
Lincoln Property Company Southeast 3405 Piedmont Road, Suite 450 Atlanta, GA 30305 404 266 7600
The information contained herein has been obtained from the owner of the property or from a source deemed reliable. While Lincoln Property Company has no reason to doubt its accuracy, we do not guarantee it.
lpcsoutheast.com