- 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.
- 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.
- 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.
- 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.
- 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.
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.
Throughout each major market in Florida, all industrial buildings 50,000 square feet (sf) and greater built from 2016 through 2023 were analyzed for asset stabilization.Eric Messer • 8/30/2023