Two large industrial leases during the third quarter of 2022 have dropped the Henry County industrial vacancy rate below 2%. No space larger than 210,000 square feet is presently available within the county.
Industrial demand throughout the Atlanta area continues to push all-time historically low vacancy rates. According to the latest market report from Cushman & Wakefield, metro Atlanta has a 2.9% vacancy rate.
2% Vacancy Rate
Only three years ago in 2019, Henry County had an industrial vacancy rate above 12%. The COVID-19 pandemic brought about increased demand for distribution space. Now, nearing the end of 2022, Henry County’s vacancy rate is below 2%. In addition, buildings under construction are often pre-leasing prior to their completion. Such is the case in Locust Grove discussed below.
Kuehne + Nagel
Gardner Logistics Park in Locust Grove has a new tenant onboard for its newest building. German company Kuehne + Nagel pre-leased 1 million square feet (MSF) within phase III of the project.
Gardner Logistics Park is located off Colvin Drive and highway 42. Scannell Properties is the project developer. The company estimates a 2023 delivery for the phase III building. With the pre-lease of 1 MSF, there remains available 435,000 square feet for a future tenant.
The last building within phase II — located on the south side of Colvin Drive — is nearly complete. It measures 234,200 square feet.
Dollar General
Elsewhere in the county, Dollar General signed a 712,000 square foot lease. The lease is for space located off Eagles Landing Parkway in Stockbridge. Together with Kuehne + Nagel, the two companies represented the largest leases within the Atlanta area during the third quarter.
Dollar General occupies the building at 500 Business Center Drive. The building was built in 1995.
Featured image shows an architectural rendering for Gardner Logistics Park in Locust Grove. Scannell Properties photo.
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