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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.
    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.

    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.

    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.

    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.

    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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