Atlanta CRE Capital Allocation 2026

Editorial and financing review: October 1, 2026. Operating figures retain their stated provider, geography and reporting period. A later review date does not make an earlier observation current.

Key takeaway

Synthesis to test: Compare logistics, office, housing, retail, hospitality and powered-land strategies as competing hypotheses. Provider-scale momentum, household context and one tenant or transaction do not establish a preferred allocation.

Use matched property evidence and actual price before assigning a return or capital-fit conclusion. Investor objectives, horizon, liquidity, risk tolerance, financing and execution capacity can produce different decisions about the same asset. Separate observed source rows, hypotheses, downside scenarios and the resulting investment conclusion.

Financing assumptions

The Fed raised its target to 3.75%–4.00% on September 16. The September 30 Treasury close was 5.29% for the 10-year and 5.64% for the 30-year. Source: Federal Reserve FOMC Statement September 16 2026; Source: U.S. Treasury Daily Par Yield Curve September 2026.

Size debt from achieved income and include capital work and carrying reserves. Test a higher borrowing cost, slower stabilization and a wider exit cap rate; improve rent, proceeds or exit assumptions only when property evidence and lender terms support them. See U.S. Commercial Real Estate Outlook Q4 2026 for the common macro scenarios.

Updated operating and research evidence

C&W’s Q2 industrial total row shows 8.5% overall vacancy and 2.135M SF quarterly absorption. Large leases supplied much of new leasing; its warehouse/distribution table rent differs from the all-product headline and narrative. This strengthens the active-demand case while qualifying an unrestricted scarcity or rent-growth claim.

Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q2 2026.

Question

How should an investor compare Atlanta strategies using dated source evidence, actual subject prices, investor constraints and competing demand or execution hypotheses?

Allocation Frame

Why Atlanta Still Matters

The source observations and interpretations below motivate hypotheses, not an allocation ranking. Keep provider, geography, product and period distinctions; test each explanation against subject evidence and its counterevidence.

• The metro sits on a major logistics spine in the Southeast outside the port itself. Savannah plus the inland connectors keep Atlanta relevant as a distribution and manufacturing node.
• Industrial recovery is real, but it is not uniform. I-85 North and I-75 North are materially healthier than Airport/South Atlanta and Henry County.
• Office is healthier than the vacancy headline implies because the market has already compressed the pipeline and the better nodes continue to lease.
• May 2026 office reporting sharpens the office lane: Cousins / Piedmont commentary supports selective Sun Belt tenant momentum, but the development-threshold source says new towers still need much lower vacancy and much higher achievable rents before ground-up office becomes broadly rational.
• JLL's Q1 2026 office Market Dynamics report sharpens the selective-office lane: 26.8% vacancy keeps Atlanta from a broad office recovery call, but 2.3M SF of leasing, 16.1% trophy availability, no deliveries or starts, and continued office-stock removals support better-building and supply-reduction underwriting. See Source: JLL Atlanta Office Market Dynamics Q1 2026.
• Newmark's Q1 2026 Atlanta office PDF supplies a separate broker comparison: 26.2% vacancy, 327,529 SF of positive net absorption, 2.3M SF of leasing, no deliveries, and 272,000 SF under construction. Shared third-party inputs and revised provider methodology prevent treating a second broker family as automatically independent original-data confirmation. High vacancy, below-benchmark first-quarter leasing, renewals, relocations, and concessions qualify the inventory-reduction and better-building hypothesis. Test current rents, tenant obligations, competing vacancy, capex, conversion feasibility, price, financing, investor objectives, horizon, risk, and execution before an allocation conclusion. See Source: Newmark Atlanta Real Estate Market Reports Q1 2026.
• Marcus & Millichap's 1Q26 Atlanta office teaser adds the demand-and-supply narrative without changing the gate. It supports the talent-pipeline and corporate-expansion story through record university enrollment, roughly 40% bachelor's-degree share, AIG Brookhaven, and Mercedes-Benz 1MB, while still keeping the market selective: aggregate vacancy is only expected to compress to the mid-18% range, suburbs screen better below 17%, and CBD deliveries remain a risk. See Source: Marcus & Millichap Atlanta Office Market Report 1Q 2026.
• CBRE's Q1 2026 Atlanta office figure page adds the broker-series caution / confirmation layer: Q1 absorption was negative 443,000 SF because large sublease blocks rolled back into direct availability, but availability still tightened to 33.1%, down 180 bps year over year, and Cumberland/Galleria, Midtown, and North Fulton led improvement. KPMG's more-than-100,000-SF Midtown commitment and Hisense's 55,000-SF North Fulton headquarters commitment support selective tenant-proof underwriting. See Source: CBRE Atlanta Office Figures Q1 2026.
• CBRE's Q2 2026 Atlanta office figure page supplies the next-quarter read: +543,000 SF Q2 absorption, 30.3% availability, 2.4M SF of leasing, $33.77/SF FSG/year asking rent, 224,000 SF delivered, and zero under construction. Prime vacancy was 18.3% at $55.32/SF while Downtown remained 32.7% vacant and negative. Keep the allocation case in the prime / Midtown / Central Perimeter / supply-removal lane; CBRE's 30,000-SF-plus non-owner-occupied universe does not justify broad office beta. See Source: CBRE Atlanta Office Figures Q2 2026.
• Cushman & Wakefield's Q2 2026 Atlanta office row adds the latest source-family check: 24.9% vacancy, +299,456 SF of Q2 absorption, +355,002 SF YTD absorption, 3.08M SF of leasing, 224K SF under construction, and $33.46/SF full-service asking rent. Georgia 400 and Central Perimeter led selected suburban absorption, while Midtown combined the highest rents with 32.4% vacancy and negative Q2 absorption. Use the row as momentum and supply-discipline evidence, not broad office beta; the report's separate $33.72/SF direct-rent narrative is not interchangeable with the table rent. See Source: Cushman & Wakefield Atlanta Office MarketBeat Q2 2026.
• Downtown Atlanta revival reporting adds a CBD-specific caution: civic and redevelopment momentum can coexist with tenants leaving older Downtown office stock. Use it as support for basis and conversion discipline, not broad Atlanta office recovery or rejection. See Source: Downtown Atlanta Revival Office Tenants Leaving 2026.
• Retail gives Atlanta a usable fourth leg. The current signal is not explosive growth, but tight enough vacancy and positive rent growth to support a complete metro allocation read.
• The Q1 2026 Partners retail report upgrades the retail branch from sourced but thin to table-backed: 4.6% vacancy and record $20.27/SF asking rent support the landlord-favorable read, while the fifth consecutive quarter of negative absorption keeps corridor proof in the underwriting gate. Airport / South Atlanta and Downtown / Midtown were the positive absorption anchors; Northeast and Peachtree Corners were the main Q1 drag. See Source: Partners Atlanta Retail Q1 2026 Quarterly Market Report.
• Marcus & Millichap's 1Q26 Atlanta retail teaser adds the corridor version of that same gate. It expects a second consecutive year of negative net absorption in 2026, but points to tourism, near-1% inflation entering 2026, labor gains, and in-migration as demand supports. Use Buford / Gainesville's more-than-500,000-SF 2025 absorption context and Georgia 400's projected sub-4% vacancy as north-side proof points, while keeping urban-core vacancy pressure attached. See Source: Marcus & Millichap Atlanta Retail Market Report 1Q 2026.
• Atlanta Hospitality Market separates the dated airport / event / corporate forecast, statewide Q1 context, preliminary metro Q2 operating row and named luxury sale. Source: Marcus & Millichap Atlanta Hospitality Market Report 1Q 2026 supplies hypotheses rather than measured event effects or lower investment losses. Forecast Evaluation and Research Transferability tests populations, periods and denominators, Sensitivity and Scenario Analysis tests net capture/displacement, margins and complete funding, and Portfolio Construction and Risk Budgeting compares actual prices, investor constraints and shared exposures.
• The Q1 2026 Matthews industrial source adds the matching CoStar-backed industrial cross-check. Its panel reports 8.0% vacancy, 3.6M SF absorbed, $9.99/SF asking rent, 2.4% rent growth, 22.9M SF under construction, 3.1M SF delivered, $1.4B of sales volume, $127/SF pricing, and a 6.5% cap rate. That supports Atlanta's durable logistics role and capital-market liquidity, but not a broad scarcity upgrade because the source narrative still points to selective leasing and stronger infill / smaller-format performance than large logistics in heavily developed corridors. See Source: Matthews Atlanta GA Industrial Market Report Q1 2026.
• Colliers' Q1 2026 Atlanta industrial landing page is a coverage marker, not a table-grade row. It confirms a Colliers Q1 report covering vacancy, availability, absorption, leasing, rents, construction, sales, cap rates, and forecast, and it repeats the strategic-location / East Coast logistics-hub framing. Because the full report download was blocked to the local harvester, it should not change the numeric allocation case beyond confirming Colliers is another active source family to recover later. See Source: Colliers Atlanta Industrial Market Report Q1 2026.
• Newmark's Q1 2026 industrial PDF reports 4.3M SF of net absorption versus 613,536 SF of deliveries, vacancy down 50 bps to 8.2%, $7.54/SF NNN asking rent, and 10.7M SF under construction equal to 1.4% of inventory. Keep these definitions separate from JLL, C&W, Partners, Lee, and Matthews. Modern stock recorded positive net absorption but had higher vacancy than older cohorts, and build-to-suit or owner-built pipeline is not all competitive speculative space. Logistics depth remains a hypothesis; current competing supply, building function, lease obligations, capex, price, financing, investor objectives, horizon, risk, and execution determine whether an asset fits it. These Q1 observations do not establish current October conditions.
• CBRE's Atlanta 2026 outlook adds forward-looking support for the same rebalancing thesis: vacancy was expected to decline below 8% by end-2026 despite roughly 25M SF of 2026 lease expirations, while industrial rent growth was forecast at 0.5-1.5%. The one structured import row is a vacancy forecast, not a Q1 operating metric, and CBRE's office prime-availability, rent-growth, and cap-rate rows remain range/context claims. See Source: CBRE Atlanta 2026 U.S. Real Estate Market Outlook.
• Marcus & Millichap's 2Q 2026 Atlanta industrial teaser confirms why the industrial lane stays investable but selective. It supports demand with roughly 1.3% annual population growth since 2008, Georgia freight investment, and Blue Ridge Connector rail access to the Port of Savannah, but it also says 2019-2024 inventory expanded 18% and about two-thirds of the incoming pipeline remained speculative. The allocation implication is not a broad Atlanta upgrade: favor I-85 / northeast freight connectivity and tenant-proven nodes, while keeping South Atlanta delivery pressure and I-20 East supply-relief differences explicit. See Source: Marcus & Millichap Atlanta Industrial Market Report 2Q 2026.
• CBRE's Q2 2026 Atlanta industrial table makes the selectivity test more granular: Class A absorbed 4.31M SF while all other industrial lost 1.67M SF; Southeast/I-75 absorbed 2.14M SF but had 12.3% vacancy and 19.3% availability; Chattahoochee was 4.9% vacant; and I-20 West had -320,000 SF of Q2 absorption with 2.63M SF under construction. Require product-size, submarket, and tenant evidence before underwriting the market's positive 2.64M-SF Q2 absorption as broad recovery. See Source: CBRE Atlanta Industrial Figures Report Q2 2026.
• C&W's Q2 2026 Atlanta continuation confirms strong leasing but keeps the corridor caveat visible: 10.2M SF of Q2 leasing, 2.13M SF of Q2 absorption, 8.5% table vacancy, 7.28M SF under construction, and $7.31/SF warehouse/distribution weighted net asking rent. I-75 South/Henry County carried 14.3% vacancy and 2.10M SF under construction, while I-85 North and I-75 North were both 7.2% vacant. Keep C&W's 782.0M-SF universe and weighted-net rent basis separate from CBRE's table and NNN rent series. See Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q2 2026.
• The Q1 2026 Matthews multifamily table strengthens the normalization case without upgrading rent-growth expectations: absorption slightly exceeded deliveries, but vacancy was still 6.4%, rent growth was only 0.4%, and 17,100 units remained under construction. See Source: Matthews Atlanta GA Multifamily Market Report Q1 2026.
• Marcus & Millichap's 2Q 2026 Atlanta multifamily teaser sharpens the same gate. The public page says a 30% decline in net in-migration slowed 2025 population growth to 1% year over year, even though Atlanta ranked fourth nationally in resident gains, and it separates vacancy pressure in Norcross / Clarkston / Doraville / Buford from core Atlanta's limited-new-supply support. Treat it as node-selection evidence, not a broad market upgrade or full operating table. See Source: Marcus & Millichap Atlanta Multifamily Market Report 2Q 2026.
• CBRE's H1 and H2 2025 Atlanta data-center profiles add a specialist powered-land lane rather than a broad metro allocation upgrade. H1 shows over 8 GW of long-dated Georgia Power generation capacity and over 300 MW of hyperscale preleasing with another 600 MW targeted; H2 shows over 3 GW of power commitments and over 10 GW of future expansion capacity. CBRE's utility-screening, transmission-constraint, and tax-incentive uncertainty caveats mean the capital lane should stay site-specific and utility-led. See Source: CBRE Atlanta Data Center Market H1 2025 and Source: CBRE Atlanta Data Center Market H2 2025.

Where To Stay Skeptical

• Industrial vacancy is still too high to underwrite as a scarcity market, especially in the softer southern logistics corridors.
• Office remains bifurcated. Positive absorption does not mean Downtown or every suburban node is equally investable.
• Multifamily is still clearing through a supply wave. The thesis is long-run demand durability and node selection, not immediate pricing power; the 2Q Marcus teaser makes the 2025 net-in-migration slowdown and Norcross / Clarkston / Doraville / Buford versus core Atlanta split explicit.
• Retail is now table-backed for Q1 2026, but it remains a market-level read rather than a fully decomposed branch. Atlanta still needs dedicated retail child nodes before the retail layer becomes as navigable as industrial or office.
• Data centers / powered land are a specialist overlay, not a substitute for the industrial thesis. Power commitments need transmission, interconnection, incentive, site-control, and tenant proof before being priced like delivered capacity.

Competing explanations and decision changes

Use the same dated evidence for both explanations. A broker series, estimate, teaser, sponsor statement or forecast retains its own geography, period and measurement limits; a second provider is not automatically independent confirmation. Forecast Evaluation and Research Transferability tests that match.

Source - U.S. Census ACS Greater Atlanta Demographic Backfill 2026 supports dated household context, not renter income, tenant credit, customer capture or current absorption. Use Submarket Economics and Demographics Value Lens for matched cohort and component evidence. Source: 619 Ponce and Sage Lease, Opening and Capacity Milestones 2024–2026 separates leased space, planned opening and staffing capacity; those do not establish collected rent or physical occupancy.

Best-Fit Capital

A best-fit conclusion remains conditional until the subject, price and investor constraints are specified. Compare acquisition, current-income holding, re-leasing/repositioning, feasible reuse, sale/refinancing where applicable, and waiting. Hold, Sell, and Refinance Decision Framework provides the owned-asset alternatives; Tenant Credit Analysis Framework separates occupier/guarantor evidence from neighborhood household context.

Use Portfolio Construction and Risk Budgeting to test whether an otherwise attractive asset adds excessive shared tenant/employer, geography, manager, financing, maturity or liquidity exposure. Set execution and remaining-funding limits before allocating capital. Sensitivity and Scenario Analysis tests slower leasing, weaker collections, lower pricing, higher costs and adverse refinancing/exit conditions. A different strategy can reach a different conclusion from the same source evidence.

2026-05-05 Refresh Answer

This is the dated May editorial hypothesis and structured-review record, not a current allocation ranking or a new runtime audit. Test the proposed lanes against the current subject and investor conditions above.

• Earlier preferred-lane hypothesis: Infill and airport/I-85/I-75 logistics plus selective household-growth retail were proposed candidates, with Midtown/Buckhead/Central Perimeter office only where tenant quality and basis are clear.
• Earlier strict-selection hypothesis: Multifamily and office are investable only with supply-aware submarket selection; Atlanta's scale does not make the 2024-2025 delivery wave irrelevant.
• Earlier watch-list hypothesis: Outer-ring speculative industrial, commodity suburban office, and generic Sun Belt multifamily momentum remain watch-list lanes.
• Canonical KB pages that changed the answer: Atlanta Geography Hub, Atlanta, Atlanta Industrial Market, Atlanta Office Market, Atlanta Multifamily Market, and Atlanta Retail and Consumer Market.
• Measurements recorded then: Q4 2025 DB-backed Atlanta industrial/office/multifamily observations and Q4 2025 retail observations are source-backed when period-labeled.
• Structured observations checked: 83 Atlanta observations across 20 geography rows and industrial, office, multifamily, and retail property types; all matched observations have public wiki_source_note provenance.
• DB provenance note: the structured observations are carried primarily through Cleveland and Atlanta Market Intelligence Q4 2025 for industrial, office, and multifamily, and Miami and Atlanta Retail Market Intelligence Q4 2025 for retail. Treat the Atlanta source-note names above as canonical page labels, not necessarily the exact DB wiki_source_note strings.

Savannah’s AI Campus Is a Watchlist, Not Yet Underwriting

The backlog describes OpenAI’s Project Camellia near Savannah as separate attributed incentive-minimum $20 billion and maximum-spend $30 billion claims, with a reported 25-year Georgia Power agreement and 3.2 GW of planned power. Source: OpenAI Plans $20B Data Center Development Near Savannah, Georgia Treat the announcement as infrastructure-watchlist evidence pending site-control, incentives, permits, utility delivery, and tenant confirmation.

Savannah Data-Center Scale Requires Utility Proof

The backlog describes OpenAI’s reported Project Camellia near Savannah with a 25-year Georgia Power agreement and 3.2 GW of planned supply. Source: OpenAI Plans $20B Data Center Development Near Savannah, Georgia This is a watchlist item pending site-control, incentives, permitting, and utility-delivery evidence.

Foreclosure Auction Price Discovery

Saratoga Capital Partners reportedly bought the 336-unit Generation Atlanta community for $98.4M at foreclosure auction; the prior owner had acquired it for $126.9M in late 2021. The transaction provides a distressed multifamily price-discovery datapoint: basis can reset materially between a prior-cycle acquisition and foreclosure sale. The reported price is asset-specific, not a metro valuation benchmark. Source: Saratoga Capital Pays $98.4M at Auction for Atlanta Apartment Community

Senior-Housing Portfolio Liquidity

Centric Development and Sage Equities reportedly sold five Atlanta senior-housing communities for $147M, covering 611 units and 701 beds, with Claiborne Senior Living retained as operator. This is a portfolio-liquidity and operator-continuity datapoint, not an Atlanta-wide valuation benchmark. Source: Centric, Sage Offload Five Atlanta Sr. Housing Communities

Loan-Balance Ownership Transfer

Connect CRE reports that Audubon Capital took over Crest at Midtown from Liquid Capital in a sale tied to the remaining unpaid loan balance; it characterizes the transfer as an outright sale rather than a foreclosure. The report states the 322-unit asset last sold for $85.2M in November 2021 and that Berkshire Residential Investments extended a $70.9M acquisition loan at that time. Current consideration, actual loan payoff, deed mechanics, rents, and occupancy are not disclosed. Keep this as evidence of a negotiated workout path alongside the Generation Atlanta foreclosure auction; it is not a current price observation or a directly comparable sale. Source: Connect CRE Crest at Midtown Ownership Transfer 2026

Hotel at Avalon Sale

Crescent confirmed a completed sale of the 330-room Hotel at Avalon in September 2026; REBusinessOnline reports $220 million and a joint venture featuring Endeavor Real Estate Group as buyer, citing Atlanta Business Chronicle for price. The derived $666,667 per room is a simple division, not a yield or operating-value metric. Crescent's release does not disclose transaction terms, and the preserved sources omit NOI, occupancy, ADR, RevPAR, debt, or cap rate. Treat the trade as one north-Fulton luxury-hotel sale, not a marketwide lodging valuation benchmark. The Hotel at Avalon

Submarket allocation rankings — October 24, 2026

Independent review, October 24, 2026. The new submarket orders have completed claim review. Existing national entries link industrial, multifamily, retail comparisons. The office boards remain reviewed drafts until matching national-parent coverage is supported. Each comparison keeps its own investor mandate and provider geography. A parent’s narrower allocation lane does not extend to every child candidate. See Top Ten MSA Submarket Rankings for coverage and release status.

These four boards rank new-capital screening priority within each stated candidate cohort. They do not estimate asset values or promise returns. Investor assumptions: durable current income, moderate risk, a five- to seven-year hold, and moderate leverage capped at 60% LTV as an underwriting scenario. Compare purchase prices through achieved NOI after recurring capital work and reserves. Debt also has to fit lender terms and cash coverage; the LTV cap is not a financing quote. An attractive lower-ranked asset at a better verified cash yield can outrank an overpriced leader.

The investor can inspect leases, collections, competing space and physical condition, negotiate price, and fund routine tenant work and maintenance. Conversion, major redevelopment and unresolved entitlement work need specialist execution and a separately funded plan. Ordering rule: posture first; within each posture, use stated current-income resilience, evidence strength and the explicit pairwise reasons below. A rank is a conditional investment conclusion, not a reported provider rank. Conviction is 2 for provisional supported comparisons and 1 for specialist-only rows.

Common stress scenarios: reduce achieved NOI by 10%; increase borrowing cost and exit capitalization rate by 100 bps each; and delay lease-up or re-leasing by 12 months. These are CRET scenarios, not forecasts. Include all carrying cost and committed capital work. Reverse or hold a call if these stresses exhaust reserves, current property evidence contradicts the source-era signal, tenant credit weakens, competing supply changes, or the actual price no longer meets the income objective.

Multifamily candidate order

Selection universe: Six named apartment submarkets selected from the public Matthews Q2 2026 article because they expose contrasting rent, vacancy or construction observations. These are provider labels, without verified Census or civic boundary equivalence. The article does not expose a complete numerical submarket table; omitted nodes are unranked.

Evidence scope: Effective rents are not asking rents. The public article leaves gaps for individual-node vacancy, achieved rents and pipeline units. No newer like-for-like public submarket table was admitted. The investment order is a provisional judgment, not a reproducible return model.

Source: Matthews Atlanta Multifamily Market Report Q2 2026

1. Midtown Atlanta — Selective. Q2 vacancy is 5.0% and effective rent growth is 2.7% YoY. Construction is 1.2% of inventory, below the reported suburban pipeline shares. Construction and concessions can still compete with achieved income. A premium purchase price can erase the operating advantage. Pairwise order: Midtown leads Buckhead because it combines the same reported rent growth with an explicit current vacancy observation; Buckhead has the smaller construction share but an unreported vacancy in this article. Gate and reversal: Achieved net rent, premium entry yield and lease-up competition must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Matthews Atlanta Multifamily Market Report Q2 2026

2. Buckhead — Selective. Effective rent growth is 2.7% YoY. The reported construction share is 0.9%, below Midtown’s 1.2%. The article supplies no Buckhead vacancy observation. Premium pricing must work without assuming future rent growth. Pairwise order: Buckhead precedes Downtown because its reported growth is higher and construction share lower; a verified stronger Downtown cash yield can reverse that preference. Gate and reversal: Current vacancy proof and acquisition yield after capital reserves must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Matthews Atlanta Multifamily Market Report Q2 2026

3. Downtown Atlanta — Selective. Effective rent growth is 2.4% YoY. Construction is 1.4% of inventory, well below the cited supply-heavy suburban shares. The article supplies no Downtown vacancy observation. Low construction does not establish collections or an attractive entry yield. Pairwise order: Downtown precedes Roswell/Alpharetta for a growth-supported income hypothesis; Roswell has tighter measured vacancy but falling effective rents. Gate and reversal: Property collections, concessions and unreported node vacancy must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Matthews Atlanta Multifamily Market Report Q2 2026

4. Roswell/Alpharetta — Selective. Reported Q2 vacancy is 4.4%, the lowest node vacancy named in the article. Its vacancy is below Midtown’s 5.0% and South Fulton’s 6.2%. Effective rent growth is -1.6% YoY. Tight physical occupancy can coexist with weaker net collections or price. Pairwise order: Roswell/Alpharetta precedes South Fulton for the current-income mandate because its measured vacancy is lower; South Fulton offers faster growth with greater lease-up risk. Gate and reversal: Falling rents, net collections and purchase basis must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Matthews Atlanta Multifamily Market Report Q2 2026

5. South Fulton — Tactical recovery. Effective rent growth is 7.3% YoY. That reported growth exceeds Douglasville/West Atlanta Suburbs at 3.7%. Vacancy is 6.2%. High reported rent growth does not establish durable renewal growth or cash collections. Pairwise order: South Fulton precedes Douglasville because it combines faster reported growth with slightly lower vacancy; both remain tactical while income is being rebuilt. Gate and reversal: Vacancy carry, concession burn-off and verified renewal cash flow must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Matthews Atlanta Multifamily Market Report Q2 2026

6. Douglasville/West Atlanta Suburbs — Tactical recovery. Effective rent growth is 3.7% YoY. The positive growth reading supplies an observable recovery hypothesis. Vacancy is 6.4%; construction is 6.3% of inventory. Remaining supply can prolong concessions and stabilization. Pairwise order: Douglasville follows South Fulton because its reported vacancy is higher and effective-rent growth lower; it can move up with a compensating yield and funded supply stress. The source supplies no South Fulton construction share for comparison. Gate and reversal: Remaining deliveries, stabilization reserves and discounted entry basis must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Matthews Atlanta Multifamily Market Report Q2 2026

Industrial candidate order

Selection universe: All ten C&W Q3 industrial corridor rows. Overall all-industrial vacancy stays separate from direct vacancy and from product-specific manufacturing, office-service/flex and warehouse/distribution net asking rents. Corridors may extend beyond CBSA 12060; property screening is restricted to the MSA without clipping or relabeling the source measurements.

Evidence scope: Q3 2026 is the operating period, not October capture. Direct vacancy is 7.8% versus 8.6% overall. New leasing is concentrated in large deals; 44.3% of volume comes from seven transactions representing 5.4% of lease count. All 11 Q3 completions were speculative with 20.2% preleased, and about 49.2% of construction area is in buildings over 500,000 SF. This current table replaces the earlier Q2 board evidence; broker inventory differences remain unresolved.

Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

1. I-75 North Corridor — Selective. Vacancy is 6.8%; Q3 absorption is 1,144,799 SF. YTD absorption is 1,913,242 SF with 120,000 SF construction. A few large moves can concentrate observed demand. Warehouse/distribution net asking rent is $7.88/SF/year, not achieved income. Pairwise order: I-75 North leads I-85 North because vacancy and construction are lower and current absorption stronger; I-85 North has the larger YTD gain. Gate and reversal: Tenant concentration, building function and current cash yield must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

2. I-85 North Corridor — Selective. Q3 absorption is 230,994 SF; YTD is 2,322,072 SF. The table tracks the largest corridor inventory at 202,228,631 SF. Vacancy is 7.8%; construction is 852,152 SF. Large TikTok Logistics and Siemens leases are not all current occupied demand. Pairwise order: I-85 North precedes Chattahoochee on positive current and YTD demand; Chattahoochee has substantially tighter vacancy but both periods lose occupancy. Gate and reversal: Lease commencement, speculative competition and tenant credit must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

3. Chattahoochee/CBD Area — Selective. Vacancy is 4.4%, the lowest source corridor reading. Its vacancy is below I-85 North’s 7.8% and Stone Mountain/Tucker’s 5.5%. Q3 absorption is -39,254 SF; YTD is -142,160 SF. Construction totals 351,230 SF. The $11.17/SF/year net asking rent is not achieved landlord income. Pairwise order: Chattahoochee precedes Stone Mountain for lower vacancy and smaller occupancy losses; Stone Mountain has no construction and can win at a better verified cash yield. Gate and reversal: Negative demand, infill delivery and achieved lease income must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

4. Stone Mountain/Tucker — Selective. Vacancy is 5.5%. The table reports zero construction. Q3 absorption is -230,145 SF; YTD is -258,154 SF. Zero construction does not create replacement tenant demand. Pairwise order: Stone Mountain precedes I-85 South only for an already leased defensive-income asset because vacancy and pipeline are lower; I-85 South’s strong demand is material contrary evidence. Gate and reversal: Tenant retention, building function and occupancy-loss trend must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

5. I-85 South/Peachtree City — Selective. Q3 absorption is 525,986 SF; YTD is 1,118,439 SF. Current and YTD occupancy gains exceed Georgia 400’s. Vacancy is 7.8%; construction is 1,096,880 SF. The project panel includes a 1,006,880-SF speculative building. Pairwise order: I-85 South precedes Georgia 400 because both demand periods are materially stronger; Georgia 400’s lower vacancy and smaller pipeline can reverse the order at equal achieved yield. Gate and reversal: Speculative delivery, tenant-size demand and current lease terms must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

6. GA 400 Corridor — Selective. Vacancy is 6.5%; YTD absorption is 58,074 SF. Its measured vacancy is below the larger southern supply lanes. Q3 absorption is -28,588 SF. Construction totals 949,039 SF. Pairwise order: Georgia 400 precedes I-20 West for lower vacancy and construction, while I-20 West has the stronger current and YTD demand; tenant evidence can reverse this narrow choice. Gate and reversal: Competing delivery, current demand loss and tenant concentration must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

7. I-20 West/Fulton Industrial — Tactical recovery. Q3 absorption is 32,386 SF; YTD is 149,851 SF. The project panel identifies a 1,178,000-SF SouthWire build-to-suit. That portion is distinct from speculative competing space. Vacancy is 7.9%; construction is 1,435,920 SF. Remaining competing space and tenant rollover can consume carrying reserves. Pairwise order: I-20 West precedes Airport because vacancy is lower and YTD demand stronger; Airport has a smaller pipeline and a large signed Nike lease, which may support a better specific asset. Gate and reversal: Speculative share, effective rent and funded rollover must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

8. Airport/South Atlanta — Tactical recovery. Q3 absorption is 63,849 SF; YTD is 92,749 SF. The source records a 1,039,570-SF Nike new lease. Vacancy is 11.4%; construction is 656,629 SF. Signed leasing is not current occupied absorption or subject cash flow. Pairwise order: Airport precedes I-20 East because both demand periods gain occupancy; I-20 East’s lower vacancy and pipeline remain strong counterevidence. Gate and reversal: Lease commencement, vacant-space carry and tenant credit must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

9. I-20 East/Snapfinger/Rockdale — Tactical recovery. Vacancy is 7.3%, below Airport and Henry County. Construction is 392,830 SF, below those southern cohorts. Q3 absorption is -133,624 SF; YTD is -240,699 SF. A discounted vacant building needs funded leasing carry. Pairwise order: I-20 East precedes Henry for much lower vacancy and supply burden, despite Henry’s positive current and YTD demand; signed tenant cash flow can reverse a property decision. Gate and reversal: Negative demand, lease-up carry and achievable rent must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

10. I-75 South/Henry County — Tactical recovery. Q3 absorption is 276,118 SF; YTD is 3,380,419 SF. It has the strongest YTD absorption among these ten rows. Vacancy is 15.2%; construction is 2,549,920 SF. YTD deliveries total 3,998,495 SF; demand does not eliminate vacant supply. Pairwise order: Henry stays last for this current-income mandate because vacancy and remaining construction are the highest; its strongest YTD take-up is clear counterevidence and can support a funded tenant-backed exception. Gate and reversal: Speculative vacancy, competing delivery and complete reserves must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026

Office candidate order

Selection universe: All nine C&W Q3 office submarket rows. The provider map defines the districts. All-class overall vacancy and annual full-service asking rents stay separate from Class A rents and the direct-rent narrative.

Evidence scope: All rows report zero construction after the 224,000-SF Midtown completion. Midtown all-class full-service asking rent is $47.07 versus $47.32 in the direct-rent narrative; no substitution is made. Renewals are excluded from grid leasing. The report identifies large urban relocations whose former-space departures offset much of the gain. These Q3 observations replace the earlier Q2 board evidence and do not establish October operating conditions or trophy-only vacancy.

Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026

1. Northwest Atlanta — Selective. Vacancy is 18.3%; Q3 absorption is 52,626 SF. YTD absorption is 84,666 SF with 759,080 SF of YTD leasing. Material vacancy still leaves rollover competition. Tenant improvements and free rent can consume apparent asking-rent gains. Pairwise order: Northwest leads Northeast for greater leasing depth and stronger current and YTD gains; Northeast’s lower vacancy supports the opposing choice at an attractive leased basis. Gate and reversal: Rollover capital, tenant credit and achieved lease economics must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026

2. Northeast Atlanta — Selective. Vacancy is 13.6%; Q3 absorption is 47,508 SF. YTD absorption is 59,503 SF with zero construction. The asking-rent observation is not achieved landlord income. A low district vacancy does not establish subject tenant quality. Pairwise order: Northeast precedes Georgia 400 for much lower vacancy and positive demand in both periods; Georgia 400 has stronger absorption and leasing depth. Gate and reversal: Tenant quality, building function and actual cash yield must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026

3. Georgia 400 Corridor — Selective. Q3 absorption is 73,976 SF; YTD is 121,305 SF. YTD leasing is 702,811 SF with zero construction. Vacancy is 23.7%. An 88,960-SF move-in concentrates gains; recurring demand remains unproved. Pairwise order: Georgia 400 precedes Airport for stronger observed absorption and leasing depth; Airport’s substantially lower vacancy can win with comparable tenant quality and achieved yield. Gate and reversal: Move-in concentration, concessions and vacancy carry must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026

4. Airport/South Atlanta — Selective. Vacancy is 12.9%; Q3 absorption is 2,062 SF. YTD absorption is 16,714 SF with no construction. The source inventory is only 4,668,583 SF. YTD leasing is 67,002 SF; a single rollover may be material. Pairwise order: Airport precedes Central Perimeter on lower vacancy and positive current demand; Central Perimeter’s much deeper leasing and stronger YTD gains are contrary evidence. Gate and reversal: Local tenant depth, small-cohort concentration and price must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026

5. Central Perimeter — Selective. YTD absorption is 186,415 SF. YTD leasing is 879,027 SF with no construction. Vacancy is 27.9%; Q3 absorption is -9,660 SF. Leasing volume does not establish effective rents after tenant work. Pairwise order: Central Perimeter precedes Buckhead because vacancy is slightly lower and YTD gains and leasing materially stronger; Buckhead’s positive current absorption is the counterargument. Gate and reversal: Concessions, rollover concentration and tenant-work reserves must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026

6. Buckhead — Selective. Q3 absorption is 4,956 SF; YTD is 23,334 SF. YTD leasing is 431,389 SF with no construction. Vacancy is 28.9%. Full-service asking rent of $40.35/SF/year is not achieved income. Pairwise order: Buckhead precedes Northlake on positive current and YTD demand and greater leasing depth; Northlake’s lower vacancy can reverse the choice at a better current-NOI basis. Gate and reversal: Effective rent, tenant credit and rollover cost must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026

7. Northlake/Decatur — Selective. Vacancy is 22.7%. No office construction is reported. Q3 absorption is -9,524 SF; YTD is -9,391 SF. YTD leasing is only 53,678 SF. Pairwise order: Northlake precedes Midtown solely for the lower-vacancy defensive-income mandate; Midtown’s strong current gain and deeper leasing support a tenant-backed recovery exception. Gate and reversal: Thin tenant market, negative demand and re-leasing time must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026

8. Midtown — Tactical recovery. Q3 absorption is 197,284 SF; YTD is 78,402 SF. YTD leasing is 912,204 SF with zero remaining construction. Vacancy remains 32.3%. Large core occupancies are relocations with offsetting prior-space departures. Pairwise order: Midtown precedes Downtown because current and YTD demand are positive and leasing far deeper; neither high asking rent nor relocation volume alone establishes effective cash income. Gate and reversal: Concession-heavy re-leasing, tenant-work capital and entry yield must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026

9. Downtown — Specialist only. No construction is reported. A signed credit tenant can support a funded asset-specific recovery. Vacancy is 34.3%; Q3 absorption is -155,801 SF. YTD absorption is -144,325 SF with only 51,407 SF leasing. Pairwise order: Downtown stays last because the highest vacancy coincides with current and YTD losses and thin leasing; a signed tenant and fully funded discounted basis can reverse a specific asset decision. Gate and reversal: Tenant backfill, capital scope and full carrying reserves must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026

Retail candidate order

Selection universe: Nine selected rows from Partners’ 14-submarket Q3 2026 table, chosen to compare core income, northern scarcity, grocery backfill and urban redevelopment. Dawson/Pickens, Northwest, Peachtree Corners, I-20 East and West Atlanta remain outside this selected ranking; omission is not an avoid call. The provider map is not the Census MSA boundary.

Evidence scope: Q3 gains coexist with rising metro vacancy. NNN asking rent is not tenant sales, effective rent or an acquisition yield. The Northeast result is delivery-concentrated. Node selection cannot resolve a weak anchor, excessive basis or underfunded capital plan.

Source: Partners Atlanta Retail Quarterly Market Report Q3 2026

1. East Cobb — Selective. Vacancy is 4.4% with 170,353 SF Q3 absorption. YTD absorption is 176,226 SF; Q3 leasing is 173,405 SF. Construction totals 72,156 SF. A strong quarter does not establish tenant sales or debt coverage. Pairwise order: East Cobb leads Buckhead because its current and YTD occupancy gains are stronger and leasing deeper, despite Buckhead’s tighter vacancy. Gate and reversal: Tenant sales, achieved NNN rent and price after reserves must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Partners Atlanta Retail Quarterly Market Report Q3 2026

2. Buckhead — Selective. Vacancy is 3.5% with 22,134 SF Q3 absorption. The table reports zero construction. YTD absorption is -2,098 SF. Asking rent does not establish achieved income or an acceptable purchase yield. Pairwise order: Buckhead precedes Cumberland/Galleria because current absorption is positive; Cumberland has even lower vacancy and a lower asking-rent level. Gate and reversal: Premium basis, tenant health and net rent after concessions must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Partners Atlanta Retail Quarterly Market Report Q3 2026

3. Cumberland/Galleria — Selective. Vacancy is 3.0%. No construction is reported. Q3 absorption is -17,717 SF; YTD is -95,055 SF. Low vacancy cannot establish that closures or rollover are finished. Pairwise order: Cumberland precedes North Fulton because its vacancy and construction burden are lower; negative absorption keeps the scarcity thesis conditional. Gate and reversal: Rollover, tenant closures and scarcity premium must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Partners Atlanta Retail Quarterly Market Report Q3 2026

4. North Fulton — Selective. Vacancy is 3.8%. Q3 leasing is 189,781 SF. Q3 absorption is -39,911 SF. Construction totals 225,321 SF. Pairwise order: North Fulton precedes Airport/South Atlanta because its vacancy is lower; the Airport row has positive current and YTD demand and may offer the better cash yield. Gate and reversal: New competition, tenant sales and actual cash yield must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Partners Atlanta Retail Quarterly Market Report Q3 2026

5. Airport/South Atlanta — Selective. Q3 absorption is 7,267 SF; YTD is 22,523 SF. Q3 leasing is 330,730 SF. Vacancy is 5.0%; construction is 170,907 SF. Activity does not establish equal performance across trade areas or formats. Pairwise order: Airport precedes Northeast because both demand periods are positive without relying on the report’s single Costco-driven occupancy surge; Northeast has much stronger aggregate gains. Gate and reversal: Trade-area sales and exposure to new deliveries must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Partners Atlanta Retail Quarterly Market Report Q3 2026

6. Northeast — Selective. Q3 absorption is 377,643 SF; YTD is 291,437 SF. The provider reports a delivered Costco supporting the occupancy gain. Vacancy is 5.1%; construction is 180,513 SF. One large delivery can dominate absorption without lifting nearby stores. Pairwise order: Northeast precedes Central Perimeter because both current and YTD absorption are positive; the concentration of the gain prevents an unrestricted demand call. Gate and reversal: Costco concentration, competing centers and tenant-level capture must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Partners Atlanta Retail Quarterly Market Report Q3 2026

7. Central Perimeter — Selective. Q3 leasing is 91,113 SF. The report identifies a 66,500-SF Kroger backfill at Perimeter Village. Q3 absorption is -11,319 SF; YTD is -64,565 SF. Construction totals 110,000 SF. Pairwise order: Central Perimeter precedes Downtown/Midtown for current income because vacancy is lower and a named grocery backfill supplies leasing evidence; that lease is not yet equivalent to net occupancy growth. Gate and reversal: Lease commencement, backfill cost and competing space must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Partners Atlanta Retail Quarterly Market Report Q3 2026

8. Downtown/Midtown — Tactical recovery. YTD absorption is positive at 177,994 SF. The table reports zero construction. Vacancy is 7.3%; Q3 absorption is -35,931 SF. Urban activity must convert into repeat tenant sales and collections. Pairwise order: Downtown/Midtown precedes DeKalb because its YTD occupancy gain and zero pipeline offer a more fundable recovery, despite higher vacancy. Gate and reversal: Urban tenant sales, concessions and funded recovery must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Partners Atlanta Retail Quarterly Market Report Q3 2026

9. DeKalb — Tactical recovery. The table reports 101,954 SF of Q3 leasing. A funded redevelopment can reposition an individual center if signed tenant demand supports the work. Vacancy is 6.8%; YTD absorption is -182,902 SF. Construction totals 370,325 SF, the largest selected pipeline. Pairwise order: DeKalb follows Downtown/Midtown because the larger pipeline and YTD losses increase execution risk; redevelopment success and a sufficient price discount can reverse that position. Gate and reversal: Redevelopment budget, tenant backfill and vacancy carry must clear the common price and stress tests; hold or reverse the order when subject evidence or relative achieved yield changes. Source: Partners Atlanta Retail Quarterly Market Report Q3 2026

Related Pages

• Analyses Hub
• Geographies Hub
• Sun Belt Geography Hub
• Atlanta
• Atlanta Geography Hub
• Office Bifurcation
• Carolinas CRE Allocation 2026
• Houston CRE Capital Allocation 2026
• Savannah
• Nashville
• The Hotel at Avalon

Sources

• Source - U.S. Census ACS Greater Atlanta Demographic Backfill 2026

• Source: 619 Ponce and Sage Lease, Opening and Capacity Milestones 2024–2026

• Source: Federal Reserve FOMC Statement September 16 2026

• Source: U.S. Treasury Daily Par Yield Curve September 2026

• Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q2 2026

• Atlanta Market Intelligence 2025

• Atlanta Retail Market Intelligence 2025

• Source: Downtown Atlanta Revival Office Tenants Leaving 2026

• Source: Matthews Atlanta GA Industrial Market Report Q1 2026

• Source: Colliers Atlanta Industrial Market Report Q1 2026

• Source: Matthews Atlanta GA Multifamily Market Report Q1 2026

• Source: Partners Atlanta Retail Q1 2026 Quarterly Market Report

• Source: Marcus & Millichap Atlanta Retail Market Report 1Q 2026

• Source: Marcus & Millichap Atlanta Hospitality Market Report 1Q 2026

• Source: JLL Atlanta Office Market Dynamics Q1 2026

• Source: Marcus & Millichap Atlanta Office Market Report 1Q 2026

• Source: CBRE Atlanta Office Figures Q1 2026

• Source: CBRE Atlanta Office Figures Q2 2026

• Source: CBRE Atlanta Data Center Market H2 2025

• Source: CBRE Atlanta Data Center Market H1 2025

• Source: CBRE Atlanta 2026 U.S. Real Estate Market Outlook

• Source: Marcus & Millichap Atlanta Industrial Market Report 2Q 2026

• Source: CBRE Atlanta Industrial Figures Report Q2 2026

• Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q2 2026

• Source: Marcus & Millichap Atlanta Multifamily Market Report 2Q 2026

• Source: Cushman & Wakefield Atlanta Office Utilization Survey Results 2026

• Source: Connect CRE Crest at Midtown Ownership Transfer 2026

• Source: REBusinessOnline Hotel at Avalon $220M Sale 2026

• Source: Crescent Successful Hotel at Avalon Sale 2026

Camellia Scope and Interruptible Power — July 2026

Source: OpenAI Plans $20B Data Center Development Near Savannah, Georgia locates the campus in Effingham County/Savannah context, not Atlanta or the Guyton photo/Rincon meeting locations. The 2,700-acre SGIH parent park is not campus area. Incentive minimum and attributed maximum spend are separate unreviewed-document scopes; community cash pledge and student credits are not paid capex. Utility-primary discovery reports flexible demand response and regulatory review, so headline capacity is not uninterrupted delivered power. Independent utility and dated regulator primary adoption/native integration pass; exact issuer/incentive conditions remain held.

Verified Utility Source Scope

Source: Georgia Power Camellia Service and Demand Response Primary July 2026 reports approximate3,200MW need, demand response up to1,000MW,25year service and current PSC Staff contract review. Preserve curtailment and final-contract/approval uncertainty; no firm supply inferred by subtraction. Utility-system planned savings are separate from project costs or achieved benefits. Native utility integration remains pending.

Dated Regulator Advisory Scope

Source: Georgia PSC Large-Load Rule Advisory January 2025 independently reports January2025 special large-load terms, upstream cost recovery, described contract/minimum billing and PSC review. It is an advisory rather than the actual rule and predates Camellia; no current tariff or customer approval certified. Keep above100MW versus100MWcategory phrasing and do not infer a15year universal contract cap. Native advisory integration and dated source closure pass.

Named Camellia scope: Project Camellia Effingham County within Savannah Gateway Industrial Hub. Keep parent park’s acreage separate from campus land and current operating inventory.

• Source: Matthews Atlanta Multifamily Market Report Q2 2026 — provider rows and scope for the October 24 submarket draft.

• Source: Cushman & Wakefield Atlanta Office MarketBeat Q2 2026 — provider rows and scope for the October 24 submarket draft.

• Source: Partners Atlanta Retail Quarterly Market Report Q3 2026 — provider rows and scope for the October 24 submarket draft.

• Source: Cushman & Wakefield Atlanta Industrial MarketBeat Q3 2026 — current Q3 operating evidence and provider-scope limits.

• Source: Cushman & Wakefield Atlanta Office MarketBeat Q3 2026 — current Q3 operating evidence and provider-scope limits.