In recent years, developers have been drawn into a landrush of sorts with intense competition for suitable industrial sites near Georgia's Port of Savannah. The result has been to flood the market with new inventory that has pushed up vacancy rates – temporarily, at least.

Savannah is the second-largest seaport on the East Coast — the fourth largest in the U.S. — and it serves as the gateway to and from foreign markets for much of the Southeast. It was a major factor in South Korea's Hyundai Motor Group's announcement in May 2022 of a plan to build a massive $5.4 billion plant to manufacture electric vehicles within a few miles of the port. The decision intensified the landrush, as the company's many South Korean and other suppliers hunted land for new plants and developers got busy building warehouses nearby.

By 3Q 2023, the vacancy rate and absorption for industrial real estate remained strong and steady, Colliers reported. In 4Q 2023, however, vacancy rates rose. In a new report, Colliers attributed the rise to new supply following the completion of multiple speculative buildings. However, it expected a slump in new construction starts in 2023 to allow the excess supply to be absorbed, with vacancies stabilizing later this year.