ATLANTA—After an impressive 17.4 million square feet of absorption in 2014—the second-highest net absorption in the nation— Atlanta's industrial market is still thriving in the first quarter of the year, according to CBRE's latest report. The ongoing positive absorption—combined with the lack of spec deliveries—has both limited the availability of big block industrial space in Atlanta and started impacting secondary spaces.

"Class A products for office and industrial still lead the pack with regards to net absorption and rental rate increases,” Travis Deese, senior research analyst with CBRE's Atlanta office, tells GlobeSt.com. “As vacancy in industrial properties has been suppressed over the past year and a half, this has triggered new development in the form of build to suit projects and speculative product.”

Atlanta saw 4 million square feet of industrial absorption in the first quarter of 2015. CBRE reports market fundamentals are advancing despite the tightening market conditions.