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​​Jacksonville Industrial Fast Five Facts​

Cam Sousa • 8/8/2023
What You Need to Know in Today's Jacksonville Commercial Real Estate (CRE) Industrial Market.
  1.  VACANCY TICKED UP 
    Overall industrial vacancy ended the second quarter at 3.1%, up 10 BPS YOY and up 20 BPS from the prior quarter as new speculative supply delivered.  

  2. ELEVATED RENT GROWTH
    Overall asking rent ended Q2 at $7.62 PSF NNN, up 9.1% YOY and 20.0% since last quarter, as premium space was delivered. Average rates have fluctuated in a tight market, with new builds impacting rents heavily quarter to quarter.  

  3. ABSORPTION SLOWED, REMAINED POSITIVE
    YTD absorption totaled 1.3 MSF, down 26.0% YOY. The largest contributor for Q2 was Southeast Toyota Distributors’ 416,000-SF move-in to its building purchased earlier in the year.  

  4. ROBUST NEW SUPPLY
    The Jacksonville market gained 1.5 MSF of new product in Q2, with 30.7% delivered available. An additional 5.9 MSF remained under construction in the pipeline at the end of the quarter.  

  5. LEASING ACTIVITY SUSTAINED
    New leasing activity totaled 1.4 MSF for Q2, bringing the YTD total to 3.5 MSF, a modest 3.5% decrease YOY. Jacksonville’s strong pipeline allowed for leasing to keep pace with recent years despite a tight market.

    FFF-Industrial---Jacksonville-2Q23

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