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​​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.
  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

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