Issue link: http://savannah.uberflip.com/i/1489710
36 project is part of the larger "Blue Mile" effort to improve the South Main Corridor from downtown to the Georgia Southern University entrance. Also, the new Publix supermarket opened at Eagles Corner Shopping Center near the new Tormenta FC professional soccer stadium. Real Estate: Logistics and Distribution The Savannah regional logistics (industrial and warehousing) market extended its multi-year trend of substantial growth through 2022. New inventory of about 16 million square feet was completed in 2022, bringing the regional total to 105 million square feet. Even so, continued growth in port activity and logistics resulted in an exceptionally low vacancy rate of 0.7%, a very modest uptick from 0.5% in 2021. This is well below the historical average of 5.6%, thus signaling continued strong demand. Accordingly, new investment in logistics facilities will continue strongly in 2023. 2023 is expected to be another very good year. Approximately 22 million square feet of new inventory is under construction with delivery of about 20 million square feet expected in 2023. Nearly 60 million square feet have been added to the market in the previous five years. Recent trends are such that roughly 50% of new developments are pre-leased at the start of construction with the remaining space absorbed by the time construction of the facility is completed. The market continues to attract the attention of large nationwide developers as the current number one market in the country for industrial/distribution development. The region currently has ample land available and controlled for further logistics development, up to 95 million square feet. In Chatham County, for example, the Rockingham Farms development on Veteran's Parkway is expected to deliver two buildings with 1.3 million square feet in 2023 concurrent with the completion for a new interchange on the parkway. The 1,035 acre project, a joint venture of the developer, SEDA, and the City of Savannah, will add 10 million square feet of warehousing over ten years and add up to 2,500 jobs. Chatham County in mid-2022 had 568 businesses employing about 16,850 workers in the logistics sector. An additional 1,400 workers in the sector are GPA employees and another 2,000 International Longshoremen union members support port operations. The Savannah Economic Development Authority, based in Savannah, has actively worked to enhance the ecosystem for advanced logistics and distribution in the region. This includes development of logistics workforce development programs and the Savannah Logistics Technology Corridor, for example. The technology corridor is expected to grow into a globally recognized hub for the development of technology supporting the logistics industry. Effingham County continues to experience increased in logistics and distribution activity. In mid-2022, 58 logistics establishments employed 667 workers, an increase of 10% in the logistics workforce. In 2022, three new companies announcing over 200 jobs and over 2.6 million square feet of new industrial space. New operations include Lion Brand Yarn, Serena & Lily (upscale furniture), and MerchSource (supplier to major retailer brands) joined the distribution and logistics firms operating in Effingham County. In Bryan County, 37 establishments employed 341 workers, a jump of nearly 100 logistics sector workers from 2021. In 2022, about 2.5 million square feet of distribution space was delivered in north Bryan County. Webstaurant, an e-commerce fulfillment center for restaurant equipment and other food service supplies moved into the Interstate West development in Ellabell. Additionally, Rooms to Go leased a 463,250 square-foot facility in The Cubes at Interstate Centre II in early 2022. About 23 million square feet of industrial and logistics inventory is anticipated for delivery in north Bryan County over the next five to six years. Additional growth in Bryan County is expected in 2023 as additional facilities are delivered and as already existing logistics firms ramp up operations. Rooker Real Estate and Development broke ground in 2022 on the 800-acre Seaport 16 development about five miles from the Hyundai Metaplant site. The site can accommodate seven million square feet of industrial space. In Liberty County, as of mid-2022, 45 logistics businesses employed 2,129 workers, a 40% increase in one year. Nearly 1,000 logistics jobs have been added in Liberty County in two years. The county has rezoned