- VACANCY UP ON THE QUARTER
Overall industrial vacancy ended Q1 at 2.7%, up 70 BPS from 2022’s year-end value and historic low, but still down 90 BPS YOY.
- SLIGHT RENT GROWTH
Overall asking rents for industrial space rose by 2.1% YOY to end the first quarter at $6.35 PSF NNN as rates appeared to begin stabilizing to normalized growth.
- ABSORPTION SLOWED
More than 302,000 SF of positive net absorption occurred to start the year, down 39.0% YOY. The drop was most heavily attributed by UPS’s move out of 400,000 SF at Westlake Industrial Park.
- ROBUST NEW SUPPLY
The Jacksonville market gained 998,000 SF of new product in Q1, with 66.5% preleased. Jacksonville’s pipeline had 7.7 MSF under construction at the end of the quarter.
- LEASING ACTIVITY LIMITED
New leasing activity totaled 1.3 MSF through Q1, a 36.9% decrease YOY as diminished availability after the historic previous year limited deal opportunities.
Jacksonville Industrial Fast Five Facts
Cam Sousa • 5/11/2023
What You Need to Know in Today's Jacksonville Commercial Real Estate (CRE) Industrial Market.
MarketBeat • Insights
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.Eric Messer • 4/18/2023
Article • Industrial
A Historical Look at Florida’s Industrial Stabilization & Expectations for 2023
Throughout each major market in Florida, all industrial buildings 50,000 square feet (sf) and greater built from 2015 through 2022 were analyzed for asset stabilization. The ensuing analysis examines the number of quarters for each building to become stabilized by year, regional submarket, building size ranges, clear-height levels, and multi-tenanted buildings. Florida’s industrial development boom has been supported by some of the industry’s top tenants and owner/developers, who are highlighted for each market.Eric Messer • 1/31/2023
Article • Industrial
Southeast Industrial Labor Report
Demand for industrial space has risen to record-breaking heights in the Southeast, emphasizing the need both for adequate physical space and for skilled and affordable labor.Christa DiLalo • 10/6/2022