Friday, August 26, 2011

Some more good news (mostly) from the JDA!


August 26, 2011

For Immediate Release


Camden County Joint Development Authority


Positive Absorption

in Camden County Industrial Market

Trident Coast, Camden County, Georgia

The Camden County Joint Development Authority ("JDA") recently completed the 2011 Industrial Market Study of Camden County, Georgia. The results of the survey indicate positive absorption over the previous year, resulting in a decline in the vacancy rate by five hundred basis points. More specifically, the vacancy rate declined from 27% in 2010 to 22% in 2011. Excluding the former Gilman bag plant (WAMK Building), the effective vacancy drops to 8%.

According to David Keating, Executive Director of the JDA, "I am pleased to report the Camden County industrial market experienced positive absorption during the last twelve months. New companies locating to the area and existing companies expanding in the area were the primary drivers of this absorption. Some of the larger deals contributing to this trend include the lease of 25,000 square feet in the Camden County Industrial Park; the lease of 26,000 square feet in the WAMK Building; and the lease of 15,000 square feet of showroom/warehouse space located along Georgia Highway 40."

Though absorption was positive and the vacancy rate declined, rental rates and asking sale prices softened over the period as well. The average rental rate declined from approximately $3.70 per square foot to $3.60 per square foot, and asking sale prices declined from approximately $30 per square foot to $27 per square foot. According to Keating, "the market remains price sensitive with tenants and buyers able to negotiate concessions to close deals. Actual rents and prices vary considerably, depending on size and condition/quality of the space involved."

The survey reported a total market inventory of +/- 1.1 Million square feet of building area. Of this building area, most of the space (58%) was held by just two property owners - Bayer Crop Science, Inc. and WAMK Ltd. Other building inventory (42%) within the County consisted of smaller facilities less than 50,000 square feet held in a variety of ownerships. According to Keating, "our market is characterized by a few large users and many small users. We need more space in the 25,000 to 75,000 square foot range to attract mid-sized companies. This is a development opportunity."

The study was conducted by the JDA with assistance from an intern at the College of Coastal Georgia; a unit of the University system of Georgia. "I want to especially thank Andy Perkins, a business student at the College of Coastal Georgia, for his assistance in conducting this study. And, I would like thank Dr. Hepburn and Dr. Mathews of the College for creating this internship program," Keating added. "Andy will graduate in a year and be a great asset to any organization he chooses to join in the future."

Camden County Joint Development Authority

107 N. Gross Road, #2

Kingsland, GA 31548


About the JDA

The Camden County Joint Development Authority is a multi-jurisdictional economic development agency whose mission is to promote Camden County to business and industry, to expand and diversify the local economy, and stimulate the creation of quality employment opportunities to provide a better quality of life for citizens.

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