ATLANTA INDUSTRIAL REPORT
Snapfinger/I-20 East Industrial Submarket
Q3 2022
Snapfinger/I-20 East Sees Strong Q3, Rising Rental Rates
ABSORPTION, DELIVERIES AND VACANCY RATE
The Snapfinger/I-20 East Industrial submarket saw positive absorption of 445,148 square feet in Q3. This was thanks to several large moveins, including Kenco Group occupying 288,477 square feet at 2420 Old Covington Hwy and The TJX Companies moving into 154,440 square feet at 2800 Miller Rd. Rental rates have begun to increase rapidly over the past two years. In the past year, the average NNN rental rate in Snapfinger/I-20 has risen 27.3% in the past year, from $4.95 per square foot in Q4 of 2021 to $6.30 in Q3 of 2022. The submarket’s vacancy rate has remained low, in-line with historical averages since 2016. It currently sits at 3.9%, 20 basis points (0.2%) lower than the Q2 figure of 4.1%.
1,800,000
8.0%
1,600,000
7.0%
1,400,000
6.0%
1,200,000
5.0%
1,000,000 4.0% 800,000 3.0%
600,000
2.0%
400,000
1.0%
200,000 0
2017
2018
2019
Absorption
2020
2021
Deliveries
0.0%
2022 YTD
Source: CoStar
Vacancy Rate
Inventory SF
Vac Rate Q3 ‘22
Vac Rate Q2 ‘22
Net Absorp Q3 ‘22
Net Absorp YTD
Deliveries YTD
SF Under Construction
Avg Rent (NNN)
<250,000 SF
26,520,753
5.1%
4.4%
156,671
(12,496)
351,545
931,907
$6.40
“BIG BOX” >250,000 SF
19,269,253
2.2%
3.7%
288,477
613,477
-
1,921,066
$5.83
45,790,006
3.9%
4.1%
445,148
600,981
351,545
2,852,973
$6.30
SNAPFINGER/I-20 E IND
Total
SNAPFINGER/I-20 EAST INDUSTRIAL RECENT LEASES Tenant
Property
Owner/Developer
Sign Date
SF
Lease Type
2420 Old Covington Hwy
Lincoln Property Company
Mar 2022
288,477
New Lease
3070 Clifton Springs Rd
Link Logistics Real Estate
Jul 2022
124,170
New Lease
5051 Snapfinger Woods Dr
Onward Investors
Sep 2022
82,498
New Lease
Kenco Group Ross Dress for Less BCI Performance
SNAPFINGER/I-20 EAST INDUSTRIAL RECENT INVESTMENT SALES Property
Price
SF
$/SF
Date
Buyer
14053 Industrial Park Blvd
$23,805,356
200,880
$118.51
10/12/2022
80 Acres Farms
1995 Lithonia Industrial Blvd
$21,200,000
210,858
$100.54
4/1/2022
STAG Industrial
801 Blacklawn Rd
$12,758,642
111,540
$114.39
7/28/2022
Faropoint
Lincoln Property Company Atlanta tracks industrial buildings that are 25,000 sf or greater.
Lincoln Southeast Industrial Listings
Forsyth 400 Commerce Center Bldg 100
Forsyth 400 Commerce Center Bldg 200
Airport West 500
Joe Frank Harris Pkwy SE
2705-2715 Ronald Reagan 2705-2715 Ronald Reagan 3625 Naturally Fresh Blvd, Joe Frank Harris Pkwy SE, Blvd, Cumming, GA Blvd, Cumming, GA Atlanta, GA Emerson, GA
Conyers Logistics Center
170 Chastain Meadows
Westridge Logistics Center
2107 Eastview Pky, Conyers GA
170 Chastain Meadows Ct NW, Kennesaw GA
450 Westridge Pkwy, McDonough, GA
85,237 SF
43,587 SF
218,370 SF
306,376 SF
201,403 SF
38,400 SF
113,104 SF
Existing
Existing
Delivering Q4 2022
Delivering Q2 2023
Existing
Existing
Existing
Need More Market Intel?
Spencer Papciak
Turner Fortin
Lincoln Property Company Southeast
Research Manager 678.498.7676 spapciak@lpc.com
Vice President 404.863.9931 tfortin@lpc.com
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