ATLANTA—Unprecedented. That's the word to describe the industrial real estate construction pipeline in Atlanta and its metro area.

No other quarter in Atlanta's history has witnessed higher construction activity than the 18.1 million square feet currently underway, according to CBRE's latest research. What's even more telling is this stat: Over 70% of the total industrial real estate properties under construction are speculative developments.

“Atlanta's industrial market continues to be among the most active in the nation, spurred by a steady stream of organic growth combined with new entrants to the market,” Todd Barton, CBRE Atlanta first vice president of Industrial Properties, tells GlobeSt.com. “Atlanta's market dynamics have led to historically low vacancy, increasing rental rates and significant investment sales activity. The amount of speculative development underway, while significant, is appropriate for the market given the limited spec delivers in the past five years.”