TWO NEW ANNOUNCEMENTS:
Noble House Home Furnishings, 630,600 square feet, 60 jobs in Greater Savannah area
Best Choice Products, 344,700 square feet, 90 jobs in Greater Savannah area
NEW OR EXPANDED DISTRIBUTION CENTERS IN FY2017 INCLUDED:
Wayfair, 846,000 square feet, 150 jobs in Henry County
Tory Burch, 753,000 square feet, 150 jobs in Henry County
PortFresh, 100,000 square feet, up to 70 jobs, Effingham County
A report from commercial real estate development firm Colliers International states the Savannah market gained 480,000 square feet of new inventory in the second quarter of calendar year 2017, but absorbed 537,000 square feet in that same quarter.
Out of a total inventory of 50.92 million square feet, only 999,004 square feet are open, for a vacancy rate of 1.96 percent. Another 5.23 million square feet are currently under construction.
For bulk inventory – buildings 100,000 square feet or larger – the vacancy rate is 2.4 percent (799,400 square feet) out of a total of the 33.2 million square feet in this category.
FY2017 PORT-RELATED ECONOMIC GROWTH
- New port-related jobs announced in FY2017: 6,400
- More than $1.7 billion in private investment by port customers
- Part of overall statewide growth assisted by the Georgia Department of Economic Development, which added 30,300 jobs and a record-breaking $6.3B in private investment in FY2017.
NUMBER 1 STATE FOR BUSINESS
Four years in a row, Georgia has been ranked the best state in which to do business by national economic development magazines Site Selection and Area Development. Industries are drawn by Georgia’s growing population, economic energy and superior connectivity to important centers of production and commerce. Companies that ship through Georgia’s ports benefit from superior road and rail infrastructure, and the most global container services of any port on the U.S. East Coast.