Southeast Industrial Labor Report_Q1 2024

SAVANNAH, GA

ABSORPTION, NEW SUPPLY, & VACANCY RATES

25

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

MSF

20

15

ABSORPTION, NEW SUPPLY & VACANCY RATES

10

5

Overall Net Absorption Construction Completions Overall Vacancy Rate

0

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

839,131

Projected Population Change (5-Year)

6.5%

Working Age Population (Ages 18-64)

508,187

• Exceptional growth persisted as nearly 21.2 msf of industrial product was delivered in 2023. Despite 15.6 msf of space getting absorbed in that time, vacancy jumped following years of record-breaking supply constraints.

Labor Force

410,395

Median Household Income

$62,436

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

50.2%

• Industrial demand is closely tied to the success of the Port of Savannah and its aggressive plan to enhance terminal operations and expand container-handling capabilities.

Target Blue Collar Demographic Volume

90,171

Target Blue Collar Demographic Concentration

1.1

• Employment growth projections are strong in both industrial occupation segments. Hyundai’s EV Plant—a 14-msf facility slated to begin manufacturing vehicles by October 2024—will serve as a major economic generator with projections to generate 8,100 jobs.

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

2024 Employment Volume

16,151

19,712

Worker Concentration

1.4

0.9

Projected 5-Year Employment Growth

5.4%

4.1%

Average Wages

$21.32

$21.97

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

Wage Index

100

100

Demographics include Savannah Metro, Hilton Head Island-Bluffton-Beaufort Metro, Hinesville Metro, Jesup Micro, and Statesboro Micro

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Cushman & Wakefield | Southeast Industrial Labor Report