Commercial Real Estate in Macon, GA
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Industrial Real Estate Market Report
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Industrial Market 2007
As predicted, the Bibb County Industrial Market experienced a substantial vacancy increase in 2006 with the 2.2 million square foot Brown & Williamson Plant officially being added to the existing vacancy inventory of more than 2 million square feet of space.
Total Industrial space in the Bibb County market increased to 16 million square feet in 2006 as a result of the addition of new businesses in the area:
| Company | Square Feet |
|---|---|
| Bass Pro Shops Distribution Center | 430,000 |
| Nichiha USA in Airport South Industrial Park | 298,000 |
| Sara Lee in the I-75 Industrial Park | 213,000 |
| 941,000 |
The largest vacancy filled in 2006 was the 484,000 sf Kellog Keebler facility which was purchased by California Cereal Products. There is no significant industrial spec space planned for 2007. The selection of industrial space under 75,000 square feet will continue to be limited as the majority of the unusually high vacancy is in the over 100,000 square foot category.
|
Property |
Address |
Square Feet |
|
|
|
41,250 |
|
|
|
416,070 |
|
R C Cola/7 Up Bldg. |
|
40,000 |
|
|
|
205,000 |
|
Saddle Creek Warehouse |
|
479,700 |
|
GE |
5665 New |
203,000 |
|
|
|
192,400 |
|
|
|
297,000 |
|
Southern Warehouse |
|
100,000 |
|
Brown & Williamson Plant |
|
2,200,000 |
|
Big Star Warehouse |
|
46,000 |
Prospects for 2007 are also encouraging. Macon’s central location in the state with good proximity to Atlanta as well as the coastal ports should keep the Macon MSA a primary consideration for both manufacturing and distribution users in the future. Additionally, Cumberland and Western Resources, Inc. has purchased the former Brown & Williamson plant and plans to re-develop it for multi-purpose use.
|
Industrial Space Inventory |
|||
|
for Bibb County 2006 vs. 2005 |
|||
|
|
2006 |
2005 |
Change |
|
Total Square Feet |
16,000,000 |
15,059,000 |
931,000 |
|
Available Square Feet |
4,400,000 |
2,300,000 |
-2,100,000 |
|
Vacancy Rate |
27.5% |
15.30% |
12.20% |
|
NOTE: Brown & Williamson Plant vacancy accounts for 2.2 million square feet of 2006 vacant space and negative absorption. |
|||
First Quarter of 2007 Industrial Update
There were no significant changes relating to the inventory during the first quarter of 2007. The vacancies in the market remain stable at about 4,000,000 square feet with a 75% occupancy rate. Again, this vacancy was mainly attributed to large blocks of industrial space such as the 2,000,000 square foot Brown & Williamson Tobacco Plant.
The 416,000 square foot Bassett Furniture building, located in the Airport Industrial Park, sold in the first quarter of 2007. All but approximately 200,000 square feet will be occupied by a user. Additionally, the Five Star Warehouse on Liberty Church Road in south Bibb County was leased to Jayco Stamping Company.
The Middle Georgia labor market remains strong as Sara Lee had over 4,000 applicants for its’ initial jobs.