(Photo above of boat clearing the bridge on St. Johns River in downtown Jacksonville)
JACKSONVILLE, FL--Although the vacancy rate has remained stable in the Office Market since last year at this time, we are seeing an increase in sublease space and this will affect the vacancy rate in the upcoming quarters." - Traci Jenks, CCIM, Senior Associate, 2008. (photo at right)
The overall vacancy rate for office space this quarter is 13.3 percent, slightly lower than the 13.8 percent reported in the first quarter of 2007.
Construction activity at the end of first quarter 2008 totals approximately 379,400 square feet.
Asking rates for direct office space decreased from $18.42 to $18.19. Rates declined in both the Downtown and Suburban submarkets.
Asking rates for direct office space decreased from $18.42 to $18.19. Rates declined in both the Downtown and Suburban submarkets.
Although lower than the three previous quarters, direct net absorption within Jacksonville's office market remained positive at approximately 26,342 square feet. Industrial Market
Velocity of leasing activity is below previous years. The year should remainflat with a dramatic uptake i
n 2009." - Terry Quarterman, First Vice President, 2008. (Photo at left)
n 2009." - Terry Quarterman, First Vice President, 2008. (Photo at left) The Jacksonville Industrial Market experienced approximately 724,282 square feet of positive absorption in the first quarter of 2008. Most of this absorption occurred within the Oceanway submarket with the delivery of the build-to-suit property for Samsonite.
According to Terry Quarterman, First Vice President, "Build-to-suit business is the highest it has ever been with over 4 million square feet under construction." Another 806,000 square feet of space will be delivered and occupied in the second quarter of 2008 for Sears.
The average triple net asking rate for all available space including flex is approximately $4.71 per square foot.
Retail Market
Jacksonville's market remains stable. As we begin to see the larger developments break ground, we will also see the smaller centers struggle. 2008 will prove to be an interesting 
time in retail." - Ashley Way, Sales Associate, CB Richard Ellis, 2008. (Photo at right)
time in retail." - Ashley Way, Sales Associate, CB Richard Ellis, 2008. (Photo at right)The Jacksonville Retail Market's overall vacancy rate increased to 7.0 percent in first quarter 2008.
The unemployment rate in the Jacksonville MSA was 4.6% in the first quarter of 2008. This represents an increase over the unemployment rate one year ago when it was 3.8%.
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.
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.
Jacksonville's overall Retail Market vacancy rate is expected to remain strong during 2008 as shopping centers currently under construction are delivered. Absorption is forecasted to remain positive throughout the year. As future projects are delivered, the average lease rate will remain stable.
View the full Jacksonville Retail MarketView report
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).
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).
No comments:
Post a Comment