Savannah Chamber

46 Military Fort Stewart along with Hunter Army Airfield serves at the Army's premier power projection platform on the East Coast. The units stationed at the bases continue their support in service to the country. The Third Infantry Division's (3ID) 2 nd Armored Brigade Combat Team deployed to Europe to participate in exercise Atlantic Resolve in support of NATO allies. Approximately 3,600 personnel from the 1 st Armored Brigade Combat Team deployed to Korea in October 2020 for nine months. The 3 rd Combat Aviation Brigade had soldiers return during the summer of 2020 from deployment to Europe. Soldiers from the 3ID Sustainment Brigade left for deployments to CENTCOM in October 2020 while others returned from missions in Honduras. Soldiers from the 63 rd Expeditionary Signal Battalion of the 3ID Divisional Artillery deployed in support of Covid-19 operations. The 48 th Infantry Brigade Combat Team of the Georgia National Guard is an associated unit of the 3ID. The 48 th 's 874 th Engineering Utilities Detachment of was deployed to the Middle East in May 2020. The Department of Defense, with Fort Stewart and Hunter Army Airfield, is the largest employer in Coastal Georgia. In 2020, there were about 25,000 military personnel and civilian defense workers at both facilities. The regional economic footprint is substantial: total payroll for both bases is approximately $1.5 billion and the facilities combine for an annual economic impact of $4.9 billion. The Savannah/Hilton Head International Airport hosts the Savannah Air National Guard Base. The 165 th Airlift Wing, 117 th Air Control Squadron, and 156 th Aeromedical Evacuation Squadron, based out of Charlotte, NC, operate from the airbase. The 165 th had personnel deployed from May to October 2020. The 165 th Airlift Wing hosts the Air Dominance Center (ADC) which is one of only four Air National Guard Combat Readiness Training Centers in the country. The ADC hosts Sentry Savannah, which is a quarterly large-scale "fight club" for combat air forces. Real Estate: Residential and Commercial Residential The real estate market for residential property remained healthy in 2020. In Chatham County, a total of 5,625 residential units (all types) sold, a 4.9% decline from 2019. The median residential home price was $225,000, a gain of 7.7% from 2019. The market share of units sold in the $200,000 to $500,000 range increased to 48% from 44%. Conversely, the share of homes selling at up to $200,000 fell to 42% from 48% in the previous year. Due to the pandemic, the supply side of the market was lower than normal leading to upward price pressure. This should be relieved somewhat in 2021, particularly in the second half of the year. Median sale price is expected to increase 4% to 5% in 2021. Multifamily residential construction continued healthily in the Savannah metro region in 2020. Following the substantial amount of multifamily residential construction permitted in 2019 ($37 million), investment remains high with $35 million in value permitted through October 2020. A total of 400 multifamily units were permitted for construction in 2020, with more than half of those in the second half of the year. This is well above what has been the norm in recent years. It is expected that apartment style developments will be stronger in West Chatham in 2021 given the greater availability of land in that area. Commercial Vacancy rates in metro Savannah's office and commercial market continued on a modest downward trend into 2020. By midyear, the vacancy rate decreased to 12.6% from 13% at the end of 2019. In the region, office rental rates increased about one-half percent to $21.38 per square foot. Rental rates increased faster in the Islands sub-market (+5%), Southside (+1.2%), and Westside (+1.1%). Office space rental rates were $23.42 per square foot in the downtown central business district at mid-year, up from $223.28 at the end of 2019. Similar modest gains are anticipated for 2021. Commercial space in the central business district in the landmark historic district is tightening as local demand for professional office space continues to growth. Broughton Street remains strong with high occupancy rates and strengthening rental rates for space. Office absorption is beginning to edge southward into the Victorian District south of Forsythe Park. Further, the midtown area and the Starland District continue to attract interest and investment as land costs increase amid increasing scarcity of land available for commercial development in the central business district.

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