Savannah, Ga. – (November 30, 2015) – CBRE Research reports
that Savannah, Ga., is seeing a shift in employment, with professional and
business services leading new employment growth at 12.3%, year over year. The
overall office vacancy rate decreased to 6.4% in the third quarter of 2015, and
with the tighter market comes steeper office rents.
It’s a good time for landlords and owners as rents
for the office space in the revitalized heart of Savannah along Broughton
Street are 25% higher than the average rent for downtown Savannah.
Millennials hoping to pursue or continue in
professional business in Savannah will benefit from a healthier and more active
office environment. Since 2010, Savannah’s population has seen the percentage
of millennials jump from 23% to 26%. At that rate, millennials could account
for one-third of Savannah’s population by 2020. As the number of jobs in the
professional and business service sector increases along with the labor force,
Savannah’s office market could begin to heat up.
The Downtown submarket has seen the most activity
recently, with companies opting to locate in Savannah Historic District. “Our office clients choose downtown for its
beauty, the amenities, the walkability of the city, and the synergies with
other businesses in the area. In a
competitive labor market locating is a desired area can help with recruitment
and retention,” said Bill Sparks, SIOR.
CBRE Group, Inc. CBRE
Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in
Los Angeles, is the world’s largest commercial real estate services and
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occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE
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research and consulting. Please visit our website at www.cbre.com.