房地产 -2025年第四季度亚特兰大工业数据报告 Atlanta Industrial Figures Report Q4 2025

CBRE

FIGURES|ATLANTAINDUSTRIAL|Q42025

Atlantaindustrialreboundsaslarge-scaledeals

driveabsorptionandcompressvacancy

,8.0%

DirectVacancyRate

Note:Arrowsindicatechangefrompreviousquarter.

r5.7M

SFDirectNetAbsorption

▲7.6M

SFUnderConstruction

471K

SFDelivered

▲17.3M

SFLeasingActivity

$7.54

AvgNNNLeaseRate

KeyTakeaways

-Netabsorptionsurgedto5.7-millionsq.ft.,thehighestsince2022,drivenbythreetransactionsexceeding1-millionsq.ft.eachthroughleasesorowner-usersales.

-Leasingactivityclosedtheyearstrongat17.3-millionsq.ft.,markingthebestquarterof2025.

-Directvacancyfellto8.0%,itslowestsincemid-2024,aslargeblockswereremovedinQ4.

-ConstructionactivitypickedupinQ4with2.3-millionsq.ft.breakingground,expandingthepipelineto7.6-millionsq.ft.

-TheaverageNNNrentalrateclimbedto$7.54persq.ft.,a3.4%increaseQoQ.

Aftermutedbulkleasingduringthefirstthreequartersof2025,themarketgainedsignificantmomentuminQ4.Activityculminatedinthree1-millionsq.ft.transactions,includingtwoowner-usersalesandonelease.Theconfidential1-millionsq.ft.leasewasthefirstofitssizesince2024andsignaledrenewedlarge-scaledemand.Together,thesetransactionsdrovenetabsorptionto

5.7-millionsq.ft.,thehighestsince2022,andcompressedthedirectvacancyrateto8.0%from9.0%inQ3.Marketwideleasingreached17.3-millionsq.ft.inQ4,indicatingbroadtenantengagementbeyondthemegaboxcohort.Onthesupplyside,constructionstartsregistered2.3-millionsq.ft.inQ4anddeliveriesslowedto471Ksq.ft.,supportingamorebalancedpipelineasthemarketenters2026.

FIGURE1:QuarterlyNetAbsorptionandDirectVacancyRate

MillionSq.Ft.

DirectVacancyRate

Q1

Q3

Q4

Q2

40

35

30

25

20

15

10

5

0

202020212022202320242025Source:CBREResearch,Q42025

10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

1CBRERESEARCH©2026CBRE,INC.

FIGURES|ATLANTAINDUSTRIAL|Q42025

2CBRERESEARCH©2026CBRE,INC.

MarketOverview

TheAtlantaIndustrialMarkethasalwaysbeenattractivefrombothfiscalandgeographicperspectives.TheSoutheastisoneofthehottestindustrialregionsinthecountry,andavigoroushighwaynetworkallowsforeasyaccesstoandfromAtlanta.Furthermore,bothCSXandNorfolkSouthernmaintainastoutrailpresenceinthemarket,furtherbolsteringregionalandnationaldistributioncapabilities.ThePortofSavannah,thefastestgrowingandthirdbusiestinthecountry,liesamere240milestothesoutheast.NorthofAtlanta,theGeorgiaPortsAuthorityalsooperatestheAppalachianRegionalPort,whichcanoffsethundredsoftruckmilesviadirectrailaccesstoandfromtheGardenCityTerminalinSavannah.Theplanned104-acreNortheastGeorgiaInlandPortwilldecreasetruckdeliverytimesbyroughlysevenhoursonceitiscompleted.Constructionisunderwaywithdeliveryexpectedearly2026.Inadditiontoasophisticatedrailandhighwaysystem,AtlantaalsoboaststhebusiestairportintheworldinHartsfield-JacksonInternationalAirport,makingnationalandglobaltradeeasilyaccessible.Atlanta,liketherestofGeorgia,isextremelybusinessfriendly.SurroundingcountiesofferbusinessesintheAtlantametronumeroustaxincentives.TheseincentivesincludeaJobTaxCreditof$1,750pernewjobcreated,aPortTaxCreditforqualifiedincreasesinshipmentsthroughaGeorgiaPort,aFreeportExemptionwhichexemptsqualifiedinventorystoredinwarehousesfromstateandlocaltaxesofupto100%,andtaxexemptionsforqualifiedmanufacturersanddistributioncenterstonameonlyafew.Moreover,theAtlantamarketcontainsmultipleFederalandStateOpportunityZones,whichoffertaxexemptionsofupto$3,500.

SurveyCriteria

Includesallclassesofcompetitivewarehouse/distribution,shallowbay,andflexspace10,000sq.ft.andgreaterinBarrow,Bartow,Carrol,Cherokee,Clayton,Cobb,Coweta,Dawson,DeKalb,Douglas,Fayette,Forsyth,Fulton,Gordon*,Gwinnett,Hall,Haralson,Heard,Henry,Jackson,Newton,Rockdale,andWaltoncounties.Buildingsunderconstructionareevidencedbysiteexcavationorfoundationwork.Excludesself-storage,specializedmanufacturing,datacenters,andindustrialoutdoorstorage.

*Note:AsofQ12025,ourmethodologyforcollectingdatahaschanged.Inpreviousquarters,weconsideredspaceabsorbedassoonasacompanyphysicallyoccupiedspace.Anewleasewillfactorintonetabsorptionassoonastheleaseissignedandconfirmed.Toreflectthesechanges,wehavealsogonebackthepastyearandchangedthosenumbersproactively.Specialcircumstancesmayoccurwheremethodologyadjustmentshavebeenmadewhichmayimpactcurrentquarterdata.

FIGURE2:MarketStatistics

Submarket

Market

Rentable

Area(sq.ft)

Direct

Vacancy

Rate%

Q42025Net

Absorption

(sq.ft.)

YTD25Net

Absorption

(sq.ft.)

Under

Construction

(sq.ft.)

Q42025

Deliveries

(sq.ft.)

Avg.NNN

LeaseRate

($/sq.ft./Yr)

ATLANTA

762,896,791

8.0

5,745,787

9,053,381

7,561,137

471,069

$7.54

WAREHOUSE/

DISTRIBUTION

635,731,480

8.5

5,992,194

10,638,812

7,561,137

471,069

$7.31

SHALLOWBAY

88,356,382

6.2

(241,244)

(1,278,614)

-

-

$9.20

FLEX

38,808,929

5.3

(5,163)

(306,817)

-

-

$11.83

CentralAtlanta

7,109,687

5.2

125,266

67,313

626,176

-

$13.51

Chattahoochee

14,977,876

4.7

(101,376)

392,034

-

-

$9.57

Northwest/I-75

83,746,461

10.8

520,004

1,279,340

1,184,005

-

$7.77

NCentral/GA400

25,523,604

5.9

16,044

196,978

530,531

-

$12.46

Northeast/I-85

216,272,914

7.3

2,474,289

4,703,514

2,065,181

60,000

$7.55

StoneMountain

27,791,851

4.1

(114,800)

(72,378)

-

-

$9.03

Airport

85,953,831

7.1

545,616

(107,328)

229,776

-

$7.38

Southeast/I-75

80,959,268

12.9

(520,646)

181,069

2,394,752

301,069

$6.56

Southwest/I-85

65,612,536

7.0

2,281,875

1,635,014

348,352

110,000

$7.40

I-20East

44,183,607

9.9

545,288

458,604

-

-

$7.49

I-20West

110,765,156

7.0

(25,773)

319,221

182,364

-

$7.59

Source:CBREResearch,Q42025

FIGURES|ATLANTAINDUSTRIAL|Q42025

3CBRERESEARCH©2026CBRE,INC.

NetAbsorptionandLeasingHighlights

Aftermutedbulkleasingthroughthefirstthreequartersof2025,activityacceleratedinQ4.Two1-millionsq.ft.owner-userpurchasesandone1-millionsq.ft.leaseliftednetabsorptionto5.7-millionsq.ft.,signalingrenewedengagementfrommajorindustrialoccupiers.Thesefirmsprioritizedcostcontrolandoperationalcertainty,choosingtopurchaseamidadeeppoolofavailablemegaboxoptionstomitigatefuturerentescalationandaligncapitalimprovementswithlong-termoperations.Marketwideleasingtotaled17.3-millionsq.ft.,drivenbyrenewedbig-boxmomentumandsteadysmallerbayactivity.Renewaldiscussionsalsoacceleratedastenantssoughttomitigaterentresetsonpre-2020leases.Inresponse,landlordsareincreasinglyopentoearlynegotiations,sometimesuptotwoyearsinadvance.Lookingahead,owner-userpreferencetopurchaseappearspoisedtotransitiontoagradualnewnorm,supportedbyuserswithsufficientliquiditytobuyandadesiretocontroloccupancycostsratherthanabsorbcontinuedrentinflation.Thisalongwithactiverenewalengagement,andseveralusersinthemarketpendingtotakelargerspacepositionsAtlantaforamorebalancedmarketas2026unfolds.

FIGURE4:Warehouse/DistributionNetAbsorption&OverallMarketLeasingActivity

Vacancy&Availability

Atyear-end2025,thedirectvacancyratefellto8.1%,reachingitslowestpointsincemid-2024.Thisimprovementwasdrivenbytheremovalofthree1-million-sq.ft.blocksfromthemarket,whichreducedvacancyinthissizerangeto7.4%,thelowestsince2022.Flight-to-qualityremainsadefiningtrend,withClassAvacancyfallingto11.7%,asdemandconcentratesinmodern,efficientfacilities.Incontrast,ClassBvacancyclimbedto5.8%,thehighestlevelofthedecade,reinforcingthewideningperformancegapbetweentop-tierproductandolder,lessadaptablespace.Overallavailabilitymirroredthesetrends,decliningto11.7%,itslowestsince2023.Subleaseavailabilitymoderatedquarter-over-quarter,thoughmostspacereturningtothemarketistiedtopandemic-eraleaseswithlongremainingterms,often10years,whichaddscomplexityforoccupiersseekingshort-termflexibility.Lookingahead,asbulkspacecontinuestobeabsorbedandconstructionactivityslowsfrompriorpeaks,vacancyisexpectedtotrendlowerthrough2026.

FIGURE3:KeyLeasingTransactions

FIGURE5:Warehouse/DistributionSubleaseAvailability

MillionSq.Ft.

14

12

10

8

6

4

2

-

0.9%increaseQ-o-Q

Q1Q2Q3Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

2021

2022

2023

2024

2025

SubleaseSFAvailable

20

18

16

MillionsSq.Ft.

14

12

10

8

6

4

2

0

Q1Q2Q3Q4

2021

Q1Q2Q3Q4

2022

Q1Q2Q3Q4

2023

Q1Q2Q3Q4

2024

Q1Q2Q3Q4

2025

NetAbsorptionLeasingActivity

Tenant

Location

Size(sq.ft.)

Submarket

TransactionType

Confidential

Confidential

1,638,000

Southeast/I-75

Renewal

Confidential

Confidential

1,061,663

Northeast/I-85

Renewal

Confidential

MajesticAirportCenterIII-Bldg.1

UnionCity,GA

1,001,893

Southwest/I-85

NewLease

WinsunPersonalCare

Jefferson85LogisticsCenter

Jefferson,GA

497,094

Northeast/I-85

NewLease

BroadrangeLogistics

McDonough75LogisticsCenter

LocustGrove,GA

427,200

Southeast/I-75

NewLease

Source:CBREResearch,Q42025

FIGURES|ATLANTAINDUSTRIAL|Q42025

4CBRERESEARCH©2026CBRE,INC.

IndustrialRentalRates

TheaverageNNNrentinAtlanta’sindustrialmarketroseto$7.54persq.ft.inQ42025,anincreaseof3.4%QoQ.StrongleasingvelocityandapronouncedtilttowardClassAproductreinforcedlandlordpricingpower.Additionally,thecompositionofavailablespaceshiftedbetweenQ3andQ4,withnearly1-millionsq.ft.ofbelow-averagequotedavailabilitiesexitingthemarketandapproximately5.5-millionsq.ft.ofhigher-pricedavailabilitiesenteringthemarket.Thismixshift,combinedwithlimitedspeculativesupplyandongoingtenantflighttoquality,supportedhigheraskingrentsevenasconcessionssuchastenantimprovementpackagesandfreerentwereusedtofacilitatetransactions.Rentalgrowthisexpectedtoremainfirminto2026asavailabilitytightens,andlandlordssustainpricingforhighqualityassets.Overthelongerhorizon,pricingisanticipatedtofollowaconsistentupwardpath,exhibitinglessvolatilitythantheearlycyclesurgeandsupportedbybalancedsupply-demanddynamicsandsustainedpreferenceforwell-located,specification-richproduct.

FIGURE7:NotableQ42025IndustrialSales

Location

Submarket

Buyer

Seller

Size(sq.ft.)

SalePrice

Price/Sq.Ft.

AtlantaIndustrialGrowth

Portfolio*

Various

HillwoodInvestmentProperties

Blackstone

1,225,659

$181.4M

$148

TheCubesatBridgeport–

Bldg.D

Southwest/I-85

QTSDataCenters

CRG

1,201,200

$133.0M

$111

RiversideBusinessCenter

I-20West

BGO

FHRCapital,LLC

653,454

$96.1M

$147

WestOakPortfolio*

Northwest/I-75

GID

ClarionPartners

503,085

$90.0M

$179

*DenotesPartofMulti-PropertySaleSource:CBREResearch,Q42025

FIGURE6:Historic&ProjectedAverageNNNRentalRates

$9.00

$8.50

$8.00

$7.50

$7.00

$6.50

$6.00

$5.50

$5.00

$4.50

$4.00

$8.36

$7.54

$5.21

4Q204Q214Q224Q234Q244Q254Q264Q274Q284Q29

CapitalMarkets

Atlanta’sindustrialinvestmentmarketcontinueditspositivemomentuminQ42025,withtotalsalesvolumereaching$1.32billion.Transactionactivitygainedstrengthaftertwoyearsofrecalibration,supportedbyimprovingconfidenceinlong-termfundamentalsandsteadydebtmarketconditions.Value-addremainedthedeepestpoolofcapitalacrosstherisk-spectrumwithdealsofthisprofileexceedingpricingexpectations.Liquidityimprovedacrossthecoreandcore+spaceasmorecapitalcameoffthesidelines,thoughselectivitypersistedasinvestorsheavilyscrutinizedlocation,creditoftenancy,WALT,andapreferencetowardsbite-sizedassets.User-salescontinuetocyclethroughthemarketwithseverallargeformatbuildingstakendowninthefourthquarter.Pricingheldfirm,andcapratesforstabilizedClassAproductshowedearlysignsofcompression,particularlyinwell-leasedportfoliosandinfilllocations.Withrealisticsellerexpectationsandampleliquidity,conditionspointtowardsahealthycapitalmarketsenvironmentheadinginto2026.

Source:CBREResearch,Q42025

FIGURES|ATLANTAINDUSTRIAL|Q42025

5CBRERESEARCH©2026CBRE,INC.

Construction&Deliveries

Atlanta’sdevelopmentpipelinecontractedsharplyin2025,closingtheyearatjustunder7.6-millionsq.ft.underconstruction,thelowestlevelsince2014.Thispullbackreflectsastrategicshifttowardsmallerfootprintsandbuild-to-suitprojectsasspeculativebulkdevelopmentslowedamidmutedleasingvelocity.Annualdeliveriestotaledroughly9.7-millionsq.ft.,heavilyconcentratedinsub-250K-square-footbuildings,signalingamoremeasuredapproachbydevelopers.Whilespeculativeactivityremainedlimited,Q4includedthestartofa1-millionsq.ft.building,underscoringselectiveconfidenceinlarge-scalelogisticsassets.Withonlyahandfulofsizableprojectsremainingandoversupplyriskeasing,developersareincreasinglytargetinginfillandredevelopmentopportunitiestoalignwithtenantdemandformodern,well-locatedfacilities.Thecontractioninspeculativeactivityandaleanerpipelineshouldsupportimprovedbalancebetweennewsupplyanddemandasabsorptionworksthroughrecentcompletionsin2026.

FIGURE8:UnderConstruction&Deliveries

UnderConstructionDelivered

MillionSq.Ft.

50

45

40

35

30

25

20

15

10

5

0

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

2025

2024

2023

2022

2021

2020

FIGURE9:Year-To-DateConstructionStarts&Deliveries

0510152025303540

YTDConstructionStartsYTDDeliveriesMillionsSq.Ft.

FIGURE9:TopDeliveriesinQuarter

PropertyName

Submarket

BuildingSize

(sq.ft.)

Construction

Completion

Developer

RiverPark3

Southeast/I-75

301,069

December2025

ClaycoInc

100NaecoWay

Southwest/I-85

110,000

October2025

-

3296CatalinaDr

Southwest/I-85

60,000

November2025

WardenCapital,LLC

Source:CBREResearch,Q42025

FIGURES|ATLANTAINDUSTRIAL|Q42025

MarketAreaOverview

Northwest/I-75

Contacts

Definitions

AvailableSq.Ft.:Spaceinabuildingreadyforoccupancywithinsixmonths;canbeoccupiedorvacant.

AvailabilityRate:Totalavailablesq.ft.dividedbythetotalbuildingarea.

Big-Box:Anindustrialpropertytotaling200,000sq.ft.orgreater.

CapitalizationRates:Alsoknownas“caprates”;ameasureusedtoestimateratesofreturnoncommercialreal-estateproperties.

ClearHeight:Theusableheightinabuildingtowhichanoccupiercanstoreitsgoodsonracking.Clearheightismeasuredbelowanyceilingobstructionssuchaslightsorsprinklers.

Deliveries:Completionofrequiredconstructionforabuilding.

Distribution/Logistics:Anindustrialpropertysubtypeofwarehouse/storagedesignedtoaccommodatetheefficientmovementofgoods.Distributionspaceisatleast100,000sq.ft.,officearealessthan10%,andclearheights30ft.andhigher.

FlexSpace:Anindustrialpropertysubtypebuilttoallowflexibilityofalternativeuses.Flexspacecontainsatleast25%officearea,highcurbappeal,andhighparkingratios.

LeasingActivity:Squarefootagecommittedtoandsignedunderaleaseobligationforaspaceinagivenperiod.

NetAbsorption:Thechangeinphysicallyoccupiedsquarefeetfromoneperiodtothenextperiod.

NetNetNet(NNN)LeaseRate:Rentexcludes“net”costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLeaseRate.

OccupiedSq.Ft.:Buildingareanotconsideredvacant.

ShallowBay:Anindustrialpropertysubtypewithbaydepthof120to200feetwithtypicalclearheightsbetween18and24feet.

TotalRentableArea:Thetotalrentablefloorareasquarefeetofthebuilding.

VacantSq.Ft.:Existingspacenotoccupiedbyatenant.Vacantspacecanbeavailableornotavailable.

VacancyRate:Totalvacantsq.ft.dividedbythetotalbuildingarea.

Warehouse/Storage:Anindustrialpropertysubtypedesignedforthewarehousingandstorageofmaterials,goodsandmerchandise.Officeareaislessthan15%ofthe