Savannah Commercial Office Space for Rent

Q3 2026

Q3 2026 Savannah Commercial Real Estate Market Report

Focus: Q3 2026 Market Trends

Executive Summary

Savannah's commercial real estate market is anchored by the Port of Savannah and an office market with vacancy of just 4.1%. Industrial absorbed about 1.6 million SF in Q3 as the Georgia Ports Authority moved roughly 4.4 million TEUs through September. Tenant demand on TenantBase shifted toward office: office space accounted for 50.0% of all Savannah tenant searches in Q3, up from 15.9% in Q2, and office tenants are committing to longer terms.

Sector Snapshot

  • Office: Very tight. Vacancy was 4.1% in Q3 with asking rents up 2.3% year over year.
  • Industrial: Absorbing supply. Vacancy held near 10.6% as 1.6 million SF of absorption offset 2.0 million SF of new deliveries.
  • Retail: Active demand. Retail made up 44.4% of TenantBase searches, with most tenants seeking mid-size storefronts.

Savannah Tenant Demand Index

The TenantBase Tenant Demand Index tracks what businesses across the Savannah region, including the South Carolina Lowcountry, are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data.

Q3 2026 Search Share by Space Type (July 1 to September 30, 2026)

  • Office: 50.0%
  • Retail/Storefront: 44.4%
  • Warehouse/Industrial: 5.6%

Three-Quarter Trend

  • Office: 25.3% in Q1, 15.9% in Q2, 50.0% in Q3
  • Retail/Storefront: 56.0% in Q1, 56.5% in Q2, 44.4% in Q3
  • Warehouse/Industrial: 18.7% in Q1, 27.5% in Q2, 5.6% in Q3

Key Takeaways

  • Office overtook retail as Savannah's top search category in Q3, after retail led with more than 55% of searches in Q1 and Q2.
  • Office tenants are committing longer. Office searches for terms under one year fell from 54.6% in Q2 to 22.2% in Q3, while 2 to 3 year terms rose from 9.1% to 55.6%.
  • Retail tenants need mid-size space. Retail searches averaged 5,000 to 10,000 SF across short and long terms.
  • Searches extended into the Lowcountry, including Hilton Head Island and Ridgeland, alongside Savannah itself.

Office Market

Key Metrics (Q3 2026)

  • Vacancy: 4.1%, up 30 basis points from Q2 (Cushman & Wakefield)
  • Average asking rent: $35.54/SF, up 2.3% year over year (Cushman & Wakefield)
  • CBD vs. non-CBD rents: $34.40/SF downtown and $35.94/SF outside the CBD (Cushman & Wakefield)
  • Non-CBD Class A vacancy: 16.7% (Cushman & Wakefield)
  • Under construction: the 17,600 SF Savannah Harbor Gateway Office on Hutchinson Island, due October 2026 (Cushman & Wakefield)

TenantBase Office Activity

Demand share: 50.0% of Savannah tenant searches, up from 15.9% in Q2 and 25.3% in Q1.

Lease term preferences:

  • 2 to 3 years: 55.6%
  • Less than one year: 22.2%
  • 3 to 5 years: 22.2%

Space requirements: Office tenants seeking 2+ year terms averaged 500 to 1,000 SF.

TenantBase data vs. the market: Savannah office demand on TenantBase is coming from small users needing under 1,000 SF on multi-year terms. In a market with just 4.1% vacancy and very little new construction, small suites are scarce. Tenants open to suburban Class A space, where vacancy is higher at 16.7%, will find the most options.

Industrial & Warehouse Market

Key Metrics (Q3 2026)

  • Vacancy: 10.6%, up from 10.5% in Q2 (Cushman & Wakefield)
  • Net absorption: about 1.6 million SF in Q3 and 3.2 million SF year to date (Cushman & Wakefield)
  • New deliveries: 2.0 million SF in Q3 (Cushman & Wakefield)
  • Port volume: about 4.4 million TEUs through September 2026 (Cushman & Wakefield)
  • Notable leases: Cocam, 492,480 SF at Central Port Logistics, and Everon Logistics, 239,931 SF (Cushman & Wakefield)

TenantBase Industrial Activity

Demand share: 5.6% of Savannah tenant searches, down from 27.5% in Q2 and 18.7% in Q1.

TenantBase data vs. the market: Savannah's industrial market is driven by large port-related logistics users. With vacancy above 10% and new supply continuing to deliver, smaller industrial tenants have room to negotiate.

Retail Market

TenantBase Retail Activity

Demand share: 44.4% of Savannah tenant searches, down from 56.5% in Q2 and 56.0% in Q1.

Lease term preferences:

  • Less than one year: 37.5%
  • 2 to 3 years: 37.5%
  • 1 to 2 years: 12.5%
  • 5+ years: 12.5%

Space requirements: 5,000 to 10,000 SF.

TenantBase data vs. the market: Savannah retail tenants on TenantBase are seeking mid-size spaces of 5,000 to 10,000 SF, mostly on terms of three years or less. Tenants of that size should start their search early and compare options across Savannah and Lowcountry markets like Hilton Head.

Q4 2026 Outlook

  • Office: Expect very tight conditions to continue, with rising small-suite demand from TenantBase searches.
  • Industrial: Expect strong absorption tied to port growth as new supply leases up.
  • Retail: Expect steady demand for mid-size storefronts across Savannah and the Lowcountry.

Frequently Asked Questions

What type of commercial space are Savannah tenants searching for in 2026?

In Q3 2026, office space made up 50.0% of Savannah tenant searches on TenantBase, followed by retail/storefront at 44.4% and warehouse/industrial at 5.6%. Office overtook retail after retail led in Q1 and Q2.

What lease terms do Savannah office tenants want?

55.6% of Savannah office tenants on TenantBase sought 2 to 3 year terms in Q3 2026, up from 9.1% in Q2.

What is the office vacancy rate in Savannah?

Savannah office vacancy was 4.1% in Q3 2026, with average asking rents of $35.54/SF, according to Cushman & Wakefield.

What is the industrial vacancy rate in Savannah?

Savannah industrial vacancy was 10.6% in Q3 2026, with about 1.6 million SF of net absorption in the quarter, according to Cushman & Wakefield.

How can I find commercial space in Savannah at no cost?

TenantBase matches business tenants with vetted independent tenant rep brokers across Savannah and the Lowcountry at no cost to the tenant. Brokers are compensated by the landlord. Get started with TenantBase.

Sources

  1. TenantBase proprietary search data, Savannah, July 1 to September 30, 2026
  2. TenantBase, Savannah Commercial Real Estate Market Report, Q2 2026
  3. TenantBase, Savannah Commercial Real Estate Market Report, Q1 2026
  4. Cushman & Wakefield, Savannah Office MarketBeat, Q3 2026
  5. Cushman & Wakefield, Savannah Industrial MarketBeat, Q3 2026

Disclaimer

Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.