A Pennsylvania-based industrial and office developer said Monday it plans to build a new industrial park in Buford.
Liberty Property Trust said its new Liberty Business Center will be located on 38 acres along Gravel Spring Road in Buford, near the junction of I-85 and I-985. The project will include two warehouse buildings totaling about 355,000 square feet, according to a news release.
Warehousing and distribution centers have been hot in metro Atlanta during the region’s rebound from the Great Recession. Increased consumer spending and corporate investment have helped stimulate the need for new distribution space. Georgia’s fast-growing ports are another factor.
Companies filled up — or “absorbed” — about 17.3 million square feet of space last year, and they gobbled up about 9.4 million square feet through the first six months of 2015, according to CBRE Research, the data crunching arm of real estate services firm CBRE.
That rate of absorption for the first half of 2015 is the highest rate for any January-June period in past 15 years, CBRE Research said in its second quarter report.
“The amount of industrial product under construction in Atlanta is unprecedented. No other quarter in Atlanta’s history has experienced higher activity than the 18 million square feet currently under construction,” CBRE said in the second quarter report.