Asking rates for direct office space decreased from $18.42 to $18.19. Rates declined in both the Downtown and Suburban submarkets.
The average lease rate for local retail space in the Jacksonville Retail Market increased in the first quarter of 2008 to $16.00 per square foot. Historically, the lease rates have proven to be stable regardless of the economic conditions.
CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices).