- 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.
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