Savannah, GA

Savannah, GA – A Coastal Gateway for Commercial Real Estate Investment

Located on the banks of the Savannah River, Savannah is one of Georgia’s largest metros (population ~431,000 as of 2024), and a historic port city with a population nearing 150,000. But behind its Spanish moss-draped charm lies a strong and diverse CRE market ready for investment.

1. Iconic Riverfront Redevelopment

The Plant Riverside District, a $375 million redevelopment anchored by a JW Marriott and over a dozen restaurants, galleries, and entertainment venues, has revitalized a quarter-mile of riverfront. As the city’s largest redevelopment in the Riverfront Landmark District, it demonstrates the potential for high-impact mixed-use transformations in historic areas.

2. Diverse CRE Inventory & Market Dynamics

• The Savannah CRE market totals approximately 3.6 M sq ft of industrial, 1.3 M sq ft of retail, and 300k sq ft of office space.

• Industrial vacancy in the metro is an impressive ~2.8%, driven by port activity and vaulted absorption—~3.8 M sq ft absorbed in Q1 2025.
  These figures spotlight Savannah’s strength as a logistics and industrial hub, with sustainable demand for warehouses, manufacturing, and flexible facilities.

3. Retail Sector Anchored by Stability & Innovation

• Oglethorpe Mall, with nearly 1 M sq ft and recent adaptive reuse of the former Sears into apartments, shows enduring relevance and repositioning potential.

• Abercorn Common, a 180,000 sq ft LEED-certified retail center, reflects growing demand for sustainable, lifestyle‑oriented shopping assets.

4. Historic & Adaptive Reuse Opportunities

• The 1,300‑acre Savannah Historic District, one of the largest National Historic Landmark districts in the U.S., offers prime locations for hospitality, office conversions, boutique retail, and resident-focused developments.

• Significant projects are underway:

  • Historic Phoenix Iron Works (1873) was redeveloped into offices on 6.3 acres.

  • Plans are in progress to convert the vacant Manger Building overlooking Johnson Square into a Ritz‑Carlton hotel.

5. Mixed-Use & Infill Development on the Rise

• A 240‑unit upscale apartment complex is under development at the former Sears site at Oglethorpe Mall, with financing secured for 2025 completion.

• SCAD continues to build presence—repurposing commercial buildings in West Savannah, increasing demand for ancillary retail, dining, and office services .

6.  Strategic Port & Industrial Synergy

• The Port of Savannah, the nation’s fourth-largest container port (~4.9 million TEU handled in 2023), drives massive industrial and logistics demand.

• This supports low industrial vacancy and growth in infrastructure—making Savannah a top-tier CRE logistics market in the Southeast.