Southeast Industrial Labor Report_Q1 2024

ATLANTA, GA

ABSORPTION, NEW SUPPLY, & VACANCY RATES

0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

10 15 20 25 30 35 40

MSF

ABSORPTION, NEW SUPPLY & VACANCY RATES

Overall Net Absorption Construction Completions Overall Vacancy Rate

0 5

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

6,719,240

Projected Population Change (5-Year)

5.0%

Working Age Population (Ages 18-64)

4,224,438

• Despite a normalization to pre-pandemic levels, Atlanta recorded 24.0 msf of leasing activity in 2023, among the top 10 in the nation.

Labor Force

3,809,579

Median Household Income

$74,088

• At 5.5%, direct vacancy remained well below the historic average, despite 32.9 msf in annual construction completions (an additional 1.0% of sublease vacancy contributed to the overall figure). • Atlanta’s access to significant coastal and inland ports, coupled with Georgia’s business friendly environment and the entry of major automotive and battery-related companies, makes it attractive to manufacturing and distribution users. The metro is also attractive option for workers who are drawn by the high wages Atlanta offers in a persistently tight national labor market.

Educational Attainment: % of Total Pop. Age 25+ with High School to Associates Degree

43.7%

Target Blue Collar Demographic Volume

535,932

Target Blue Collar Demographic Concentration

0.8

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

2024 Employment Volume

131,876

204,141

Worker Concentration

1.2

1.2

Projected 5-Year Employment Growth

4.7%

2.0%

Average Wages

$22.19

$22.51

Source: Cushman & Wakefield Research, Economic Research Institute, Experian

Wage Index 102 *Demographics include Atlanta-Athens-Sandy Springs Metro, Rome Metro, Gainesville Metro, Dalton Metro, Calhoun Micro, and LaGrange Micro 104

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Cushman & Wakefield | Southeast Industrial Labor Report