Shifting Ground
What Changing Land Use Means for Georgia Forest Owners
Summer 2025
By John Casey
Georgia’s landowners are navigating a market in transition — shaped by generational turnover, rising outside investment, and shifting expectations around how forestland is used and what it can yield. From timber harvests to hunting leases to emerging carbon markets, the traditional model of holding forestland for income is giving way to a more diversified investment playbook.
Brian Stone has spent more than 25 years working with landowners across Georgia and the Southeast.
As a certified general appraiser, real estate agent and senior leader at Forest Resource Consultants (FRC), he’s seen firsthand how land ownership is shifting — both in terms of who holds the land and what they do with it.
“There are several factors in our space that are working together to shape the future of land ownership --
especially rural land,” Stone said. “One of the biggest is generational transfer.”
Brian Stone has spent more than 25 years working with landowners across Georgia and the Southeast.
As a certified general appraiser, real estate agent and senior leader at Forest Resource Consultants (FRC), he’s seen firsthand how land ownership is shifting — both in terms of who holds the land and what they do with it.
“There are several factors in our space that are working together to shape the future of land ownership --
especially rural land,” Stone said. “One of the biggest is generational transfer.”
He’s referring to a growing number of Georgia families now facing the decision of what to do with land that’s been passed down through generations, with many opting to sell the property and invest in more diverse assets.
A Changing Ownership Landscape
That trend is contributing to a broader shift: land that was once held by Georgia families for generations is increasingly being purchased by investors. And many of those new buyers are coming from outside the state — or even the country.
“You’re getting more and more absentee landowners — people who see Georgia as a great place to invest in land because of everything we’ve got going for us: strong population growth, a good business climate and a strong forestry sector,” said Stone.
Acres.com, a land intelligence platform that analyzes rural real estate transactions nationwide, has tracked a significant uptick in Georgia forestland sales since 2018.
Aaron Shew, vice president of Product and Data Science at Acres, said the firm’s recent land data confirms rising activity.
Shew and the Acres team analyzed transactions of 20 acres or more with at least 50% forest cover — a conservative filter aimed at capturing true forestry tracts.
“During COVID, lower interest rates drove a surge in large-asset purchases, including forestland. Even after rates
climbed, the market stayed strong,” said Shew. “We’ve seen fewer transactions, but the price of those transactions has still been quite high. We’re still seeing $3.5 to $4 billion annually through 2024, and we haven’t seen a dip in price per acre.”
Though the pace has varied within the year due to economic cycles and elections, demand remains consistently high.
“After the 2024 election, calls picked back up,” Stone said. “We’re still seeing a lot of interest, and we’re moving properties in a reasonable time frame — three to six months — if they’re priced at or near market.”
Shew believes housing demand may be part of what’s propping up prices despite fewer overall transactions.
“If you looked around metro Atlanta, I’d bet you’d see some high-price sales followed by development,” said Shew.
“Metro Atlanta is one of the biggest hotspots in the country right now for homebuilders.”
Timberland’s Investment Model Evolves
The way timberland is bought and managed has changed dramatically, Stone noted — especially for institutional or
investor owners.
“When I started in the business, the focus was on biology — what the property could grow, how much volume it would
produce, and how much revenue you’d get from harvesting trees,” he said. “Today, you also have to think about what your land use and sales program looks like, and opportunities to leverage property for additional income streams.”
That investment shift is also extending into alternative and new asset classes, said Erin Lincoln, director of the Harley
Langdale, Jr. Center for Forest Business. These emerging classes include carbon, biodiversity credits, mitigation banking and solar leasing.
“More people and companies are looking into it,” Lincoln said. “One of the long-term problems we have is there’s no
nationwide regulatory market for carbon and biodiversity credits … and without a regulatory market, pricing can be all over the place.”
She noted that landowners who find success in emerging carbon markets are often selling directly to large buyers, such
as major tech firms, rather than relying on the open market.
Major timberland operators like Weyerhaeuser are now treating carbon as a core asset class, estimating that natural climate solutions could generate $100 million to $500 million in annual earnings within a decade. Others, like Manulife Investment Management, have launched dedicated carbon-focused timberland funds -- including its $480 million Forest Climate Fund — to acquire and manage forestland primarily for carbon sequestration.
“These large investors might identify opportunities in their land holdings that allow them to see profit margins that are
similar to what they might get from traditional timber sales,” she said.
While some opportunities, like solar leasing, require full conversion and a long-term commitment, others — such as
carbon and biodiversity credits — can be layered onto working forests, provided that landowners modify their management practices to meet program requirements.
“These new and alternative timber revenue streams require a modification of how you’re managing your timber,”
Lincoln said. “But some companies and landowners view them as complementary, not conflicting.”
Recreational Demand on the Rise
Recreation is another revenue stream that’s become more meaningful for landowners.
“Recreational demand is strong. Lease rates for rural land have continued to increase year over year — at rates
that often exceed inflation,” said Stone. “When you can lease property in the high teens to low twenties per acre annually, that’s real cash flow. It helps landowners hold onto their land and keep trees growing.”
According to Madeline Feltman, Account Manager at Orbis, Inc., lease rates in Georgia have steadily increased
over the past five years, reflecting continued demand.
“Demand for recreational access to private forest land — especially for hunting leases — remains extremely
high. In most regions of Georgia, if a tract becomes available for lease, it’s typically claimed very quickly,” said Feltman. “We regularly see close to 100% occupancy in many counties. In that sense, the market appears saturated — not due to a lack of interest, but due to limited supply.”
Mike Matre, president of Matre Forestry Consulting Inc. and senior advisor and associate broker at Saunders Real Estate, said he believes the sharp rise in hunting lease rates and recreational demand is driven by a newfound appreciation for the great outdoors spurred by the COVID-19 pandemic.
“I think there’s been a new appreciation for land since COVID… A lot more people out there just want a piece of land to hunt and enjoy — just as a place to kind of get away from the craziness sometimes,” said Matre. “Not long after COVID, we stopped even getting asked what the timber value is on a property. When we’re showing property to prospects, the biggest questions we get are really about hunting.”
He also said that drive-in demand is driving up land costs, but that recreational lease opportunities can serve as a key revenue stream for landowners.
“I would estimate that because of the recreational value, timberland land values have doubled at least,” said Matre.
“For the pure timberland investor, it’s just gotten kind of unreasonable to look at it as just a pure timber investment
anymore. And, recreation is an obvious, and growing, opportunity to diversify that land asset.”
Feltman said that, in addition to supplemental income, recreational lease opportunities also act as a cost-sharing
opportunity for land management.
“In addition to the financial value this provides landowners, there are also management benefits. Recreational
lessees often act as stewards of the land — maintaining roads, monitoring gates, deterring trespassers and reporting
issues,” said Feltman. “In that sense, leasing programs not only provide supplemental income but also help with
land oversight and protection.”
A Resilient Investment
From generational turnover to rising interest in carbon markets, Georgia’s forestland use landscape is shifting -- and so is the way it is owned, valued and managed. The traditional timber harvest remains an essential income source, but it’s now joined by a growing array of revenue opportunities: land sales, hunting leases, biodiversity credits and more.
That diversification reflects more than market adaptation — it speaks to landowners’ enduring commitment to stewarding their forests for the long haul.
“Your timber harvest is like a dividend payment — it gives you regular cash flow,” said Stone. “And your land grows in value over time, often outpacing inflation, and serving as a stable, lasting investment.”
Even as the landscape shifts, forestland continues to hold its ground — and offer new promise for those ready to adapt. ■
John Casey is a strategic communications professional who supports clients through the art of storytelling. In his downtime, John can be found hunting and fishing on his family’s centennial farm in Northwest Georgia.
A Changing Ownership Landscape
That trend is contributing to a broader shift: land that was once held by Georgia families for generations is increasingly being purchased by investors. And many of those new buyers are coming from outside the state — or even the country.
“You’re getting more and more absentee landowners — people who see Georgia as a great place to invest in land because of everything we’ve got going for us: strong population growth, a good business climate and a strong forestry sector,” said Stone.
Acres.com, a land intelligence platform that analyzes rural real estate transactions nationwide, has tracked a significant uptick in Georgia forestland sales since 2018.
Aaron Shew, vice president of Product and Data Science at Acres, said the firm’s recent land data confirms rising activity.
Shew and the Acres team analyzed transactions of 20 acres or more with at least 50% forest cover — a conservative filter aimed at capturing true forestry tracts.
“During COVID, lower interest rates drove a surge in large-asset purchases, including forestland. Even after rates
climbed, the market stayed strong,” said Shew. “We’ve seen fewer transactions, but the price of those transactions has still been quite high. We’re still seeing $3.5 to $4 billion annually through 2024, and we haven’t seen a dip in price per acre.”
Though the pace has varied within the year due to economic cycles and elections, demand remains consistently high.
“After the 2024 election, calls picked back up,” Stone said. “We’re still seeing a lot of interest, and we’re moving properties in a reasonable time frame — three to six months — if they’re priced at or near market.”
Shew believes housing demand may be part of what’s propping up prices despite fewer overall transactions.
“If you looked around metro Atlanta, I’d bet you’d see some high-price sales followed by development,” said Shew.
“Metro Atlanta is one of the biggest hotspots in the country right now for homebuilders.”
Timberland’s Investment Model Evolves
The way timberland is bought and managed has changed dramatically, Stone noted — especially for institutional or
investor owners.
“When I started in the business, the focus was on biology — what the property could grow, how much volume it would
produce, and how much revenue you’d get from harvesting trees,” he said. “Today, you also have to think about what your land use and sales program looks like, and opportunities to leverage property for additional income streams.”
That investment shift is also extending into alternative and new asset classes, said Erin Lincoln, director of the Harley
Langdale, Jr. Center for Forest Business. These emerging classes include carbon, biodiversity credits, mitigation banking and solar leasing.
“More people and companies are looking into it,” Lincoln said. “One of the long-term problems we have is there’s no
nationwide regulatory market for carbon and biodiversity credits … and without a regulatory market, pricing can be all over the place.”
She noted that landowners who find success in emerging carbon markets are often selling directly to large buyers, such
as major tech firms, rather than relying on the open market.
Major timberland operators like Weyerhaeuser are now treating carbon as a core asset class, estimating that natural climate solutions could generate $100 million to $500 million in annual earnings within a decade. Others, like Manulife Investment Management, have launched dedicated carbon-focused timberland funds -- including its $480 million Forest Climate Fund — to acquire and manage forestland primarily for carbon sequestration.
“These large investors might identify opportunities in their land holdings that allow them to see profit margins that are
similar to what they might get from traditional timber sales,” she said.
While some opportunities, like solar leasing, require full conversion and a long-term commitment, others — such as
carbon and biodiversity credits — can be layered onto working forests, provided that landowners modify their management practices to meet program requirements.
“These new and alternative timber revenue streams require a modification of how you’re managing your timber,”
Lincoln said. “But some companies and landowners view them as complementary, not conflicting.”
Recreational Demand on the Rise
Recreation is another revenue stream that’s become more meaningful for landowners.
“Recreational demand is strong. Lease rates for rural land have continued to increase year over year — at rates
that often exceed inflation,” said Stone. “When you can lease property in the high teens to low twenties per acre annually, that’s real cash flow. It helps landowners hold onto their land and keep trees growing.”
According to Madeline Feltman, Account Manager at Orbis, Inc., lease rates in Georgia have steadily increased
over the past five years, reflecting continued demand.
“Demand for recreational access to private forest land — especially for hunting leases — remains extremely
high. In most regions of Georgia, if a tract becomes available for lease, it’s typically claimed very quickly,” said Feltman. “We regularly see close to 100% occupancy in many counties. In that sense, the market appears saturated — not due to a lack of interest, but due to limited supply.”
Mike Matre, president of Matre Forestry Consulting Inc. and senior advisor and associate broker at Saunders Real Estate, said he believes the sharp rise in hunting lease rates and recreational demand is driven by a newfound appreciation for the great outdoors spurred by the COVID-19 pandemic.
“I think there’s been a new appreciation for land since COVID… A lot more people out there just want a piece of land to hunt and enjoy — just as a place to kind of get away from the craziness sometimes,” said Matre. “Not long after COVID, we stopped even getting asked what the timber value is on a property. When we’re showing property to prospects, the biggest questions we get are really about hunting.”
He also said that drive-in demand is driving up land costs, but that recreational lease opportunities can serve as a key revenue stream for landowners.
“I would estimate that because of the recreational value, timberland land values have doubled at least,” said Matre.
“For the pure timberland investor, it’s just gotten kind of unreasonable to look at it as just a pure timber investment
anymore. And, recreation is an obvious, and growing, opportunity to diversify that land asset.”
Feltman said that, in addition to supplemental income, recreational lease opportunities also act as a cost-sharing
opportunity for land management.
“In addition to the financial value this provides landowners, there are also management benefits. Recreational
lessees often act as stewards of the land — maintaining roads, monitoring gates, deterring trespassers and reporting
issues,” said Feltman. “In that sense, leasing programs not only provide supplemental income but also help with
land oversight and protection.”
A Resilient Investment
From generational turnover to rising interest in carbon markets, Georgia’s forestland use landscape is shifting -- and so is the way it is owned, valued and managed. The traditional timber harvest remains an essential income source, but it’s now joined by a growing array of revenue opportunities: land sales, hunting leases, biodiversity credits and more.
That diversification reflects more than market adaptation — it speaks to landowners’ enduring commitment to stewarding their forests for the long haul.
“Your timber harvest is like a dividend payment — it gives you regular cash flow,” said Stone. “And your land grows in value over time, often outpacing inflation, and serving as a stable, lasting investment.”
Even as the landscape shifts, forestland continues to hold its ground — and offer new promise for those ready to adapt. ■
John Casey is a strategic communications professional who supports clients through the art of storytelling. In his downtime, John can be found hunting and fishing on his family’s centennial farm in Northwest Georgia.
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Georgia Forestry Magazine is published by HL Strategy, an integrated marketing and communications firm focused on our nation's biggest challenges and opportunities. Learn more at hlstrategy.com
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