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 who holds the land and what they do with it.
“There are a few things out there 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. The outcome often hinges on the heirs’ familiarity with the property.
“When the next generation hasn’t spent time on the land — maybe never even visited it — they’re not sure what to do with it,” Stone said. “And a lot of times, when there’s no familiarity, the decision is, ‘We’ll sell the asset and invest in something we understand better,’ like a beachfront condo or the stock market.”
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,” said Stone. “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.”
Georgia is benefitting from the same migration trends that have long favored Florida, but with a key difference: affordability.
“Florida’s expensive. And in some places, it’s full,” Stone said. “That’s pushing some of those people into Georgia.”
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 sales program looks like.”
Many investors now underwrite land purchases with an expectation of selling off portions of the property during the investment term — often ten years or less.
“To stay competitive, they have to underwrite a certain percentage of land sales,” he said. “Otherwise, they struggle to meet return expectations.”
That layered strategy — timber income plus land sales — reflects a broader shift in how land is valued.
“I tell folks, think of it as a real estate investment,” Stone said. “What’s important is the location and the opportunity for a change in use over time. That’s what drives your return.”
Recreational Demand on the Rise
Recreation is another revenue stream that’s become more meaningful for landowners.
“Recreational demand is strong,” said Stone. “Lease rates for rural land have continued to increase year over year — at rates that often exceed inflation.”
Historically, hunting leases helped offset property taxes. Today, they’re a legitimate income stream.
“When you can lease property in the high teens to low twenties per acre annually, that’s real cash flow,” he said. “It helps landowners hold onto their land and keep trees growing.”
That’s especially important in today’s market, where the return from timber alone often isn’t enough to justify rising land prices.
“If you’re owning land just for the timber revenue, your return can be low,” Stone said.
Market Dynamics and Buyer Psychology
Over the past five to eight years, land values in Georgia have generally trended upward. Though the pace has varied with economic cycles and elections, demand remains 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.”
That said, Stone noted that some potential buyers still hesitate.
“There’s always a mental hurdle,” he said. “People say, ‘I could’ve bought this land a year ago for less.’ But land rarely goes backward in value. We really only saw land value decrease during the Great Recession. Otherwise, it just continues to appreciate.”
Opportunities and Challenges for Landowners
Stone identified three key opportunities for landowners in today’s market:
“First, there’s strong population growth in Georgia. Second, we have generally strong timber markets across the state. And third, there’s sustained demand for recreation, especially from hunters.”
But he also cautioned that the investment landscape isn’t without its hurdles.
“The number one challenge is capital,” he said. “It’s a capital-intensive investment, and the interest rate environment today makes it hard to borrow. Most of the buyers we’re working with are paying cash.”
Weather-related disruptions are another challenge. Events like hurricanes or tornadoes can throw timber markets into disarray as mills focus on salvage.
“In those situations, it’s critical to have expert help,” Stone said. “Someone who understands the asset, knows the market, and can leverage relationships to complete the harvest.”
And, of course, there’s the human factor.
“There’s a point where people have to stop looking backward and start looking forward,” he said. “You’ve got to get comfortable with what you can do now, and then take that leap of faith to make the acquisition.”
A Resilient Investment
Despite the challenges, Stone remains confident in the long-term value of Georgia forestland.
“Your timber harvest and hunting lease revenue is like a dividend payment — it gives you somewhat regular cash flow,” he said. “And your land grows in value over time, often outpacing inflation.”
He encourages prospective landowners to focus on long-term thinking, sound management, and a clear understanding of the land’s potential.
“If you do all those things,” he said, “I think it’ll work out for you most every time.”
Brian’s insights along with perspectives from fellow state and national experts were featured in the Summer 2025 issue of Georgia Forestry Magazine. Check out “Shifting Ground: What Changing Land Use Means for Georgia Forest Owners” at www.georgiaforestrymagazine.com.
How can FRC help?
For more than fifty years, FRC has advised landowners on sourcing, acquiring, and managing forests to meet their investment goals. Contact us to discuss how we can help you succeed in your pursuit of new investment opportunities.