Atlanta, GA Industrial Market Report Q3 2026

2023 Delivery Peak Fades 53%, but Demand Trails New Supply

Demand

Atlanta absorbed 1.46M SF in Q3 2026, against 1.43M SF in the same quarter last year. Vacancy is 8.2%, 46 bps looser than Q3 2025. GA-316/Northeast Atlanta is the tightest submarket at 4.3% vacancy; North Fulton/Forsyth leads rent growth at +3.1%. Trailing-12-month absorption of 6.01M SF compares with -42K SF a year earlier. Asking rent of $10.24/SF is up 2.1% year over year and a record. Vacancy sits 487 bps above the Q2 2022 low of 3.3%.

Supply

Atlanta delivered 2.67M SF in Q3 and 13.32M SF over the trailing twelve months (-5% versus the prior TTM period). Space under construction equals 2.9% of inventory, concentrated in I-20 East at 8.4% of its stock. Annual deliveries peaked at 28.39M SF in 2023. The 25.58M SF pipeline equals about 17 quarters of absorption at the trailing pace.

Investment Market

Atlanta recorded $6.6B in sales over the trailing twelve months, +37% against the prior TTM period; Q3 accounted for $1.58B. The high-water mark in this series is $7.8B in 2021.

Atlanta cap rates average 6.03%, down for 7 straight quarters. Pricing sits at $135/SF, higher for 16 consecutive years. The cap rate is 127 bps below the Q1 2015 high of 7.30%. Price per SF is at a record.