There were no significant changes relating to the industrial real estate 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.
Shortages of industrial/warehouse space under 50,000 square feet continued during the first quarter of 2007. This is not expected to change in the near future.
Larry Crumbley, CCIM
Commercial Real Estate Agent
Macon Commercial Office