Savannah Chamber

35 as of early 2023 of the more than 10,000 planned homes expected planned for development over the next two decades. Several national homebuilders are likely to commence construction of neighborhoods in 2023. Commercial Vacancy rates in metro Savannah's office and commercial market increased by one-half of a percentage point to 9.2% in 2022. By the end of 2022, a total of 363,000 square feet of space was vacant from among the nearly 4 million square feet of inventory in the Savannah MSA. Office market rental rates increased 1.1% to $22.37 per square foot. Office space rental rates were $24.24 per square foot in the downtown central business district. Similar gains are anticipated for 2023. Commercial operations along Broughton Street should more directly benefit in 2023 as the City's investment in infrastructure winds down. Office absorption by professionals continues to move southward in the vicinity of Forsythe Park and into the midtown area. Further, development momentum continues in the Starland District along Abercorn and Bull streets. The commercial market remains strong and vibrant in important districts and retailing corridors in the region. Two "book-end" projects on River Street in downtown Savannah are at opposite ends of the development cycle. At the western end of the Savannah riverfront district, the $500 million Plant Riverside District project is moving toward final completion. At the eastern end, the $350 million "River Street East" project will add three hotels and a seven-story parking structure from 2024 to 2026. Also at the eastern end of the riverfront district, the $600 million, 54 acre mixed use Eastern Wharf project continues. The development hosts single family homes, townhouses, luxury apartments along with 40,000 square feet of retail space and 80,000 square feet of high-end office space available upon completion of the project. The Hyatt's 193-room Thompson Savannah hotel has been up and running since August 2021. On the residential front, Riverworks, an upscale residential community integrated into the Eastern Wharf's commercial and entertainment hub, is active. Development continues in Pooler with the 170 acre Pooler Towne Center development near I-16 and the Pooler Parkway. Costco opened its doors in the Towne Center in 2022. Further development of the center in 2023 will be driven by expected population growth and infrastructure development in the immediate area and is expected to include investment occupied by national brand accommodations, retail, and other service providers. Additionally, in Savannah's Canal District, the new $165 million Enmarket Arena with 9,500 seats was delivered on schedule in the first quarter of 2022. The arena is one component of the master plan for the Canal District, plans for which also include an apartment building, retail space, community marketplace and entrepreneurial center, roadway improvements, and recreational green space with multi-use pedestrian trails. To the south in Bryan County, at the new Exit 82 at Belfast Keller Road on Interstate 95, infrastructure and commercial investment development is continuing for Raydient Properties' 3,800-acre development. About 3 million square feet of commercial space and 15 million square feet of light industry space is planned for development. Additional commercial activity is expected to emerge in 2023 along with the Candler/St Jospeh medical facility currently under construction. Further, additional absorption of manufacturing, logistics, and distribution structures is anticipated in 2023. Much of the currently available acreage for industrial and distribution development is committed and additional acreage in new development is expected for release in the near future. In north Bryan County, commercial activity is beginning to emerge along I-16 at the interchange where the Hyundai Metaplant will be constructed. Short run development will complement and add to the existing commercial activity at the interchange. In Bulloch County, the first phase of the Blue Mile Streetscape has been substantially completed, with new sidewalks, street lamps, bus shelters, drainage improvements, and resurfacing of South Main Street. This

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