JACKSONVILLE, FL-CB Richard Ellis presents market reports on the office, industrial and retail markets in Jacksonville, FL for second quarter 2008. For complete copies of the reports, please contact Brian Cornett at brian.cornett@cbre.com. Highlights follow. Office Market
"Activity has slowed down as it typically does during the summer months and additional sublease space continues to appear in the market," accordin to CBRE Senior Associ
ate Traci Jenks, CCIM. (top right photo)
The overall rate of vacant space in Jacksonville's Office Market increased over the previous quarter from 13.3 percent to 14.8 percent.
"Activity has slowed down as it typically does during the summer months and additional sublease space continues to appear in the market," accordin to CBRE Senior Associ
ate Traci Jenks, CCIM. (top right photo)The overall rate of vacant space in Jacksonville's Office Market increased over the previous quarter from 13.3 percent to 14.8 percent.
Construction activity at the end of second quarter 2008 totals approximately 322,900 square feet. New project development for office space in Jacksonville tends to be within the suburban submarkets such as Fleming Island in Orange Park.
This quarter, asking rates for direct office space increased from $18.19 to $18.48. Rates increased in both the Downtown and Suburban submarkets.
Direct net absorption in the first quarter 2008 was positive at 26,342 square feet. This quarter, net absorption is negative 34,327.
View the full Jacksonville Office MarketView report
Industrial Market
"We're starting to see some pick up in activity from companies looking to position themselves for 2009," says Jeff Nelson, middle left photo) Senior President, 2008.
The Jacksonville Industrial Market experienced approximately 492,0
56 square feet of positive absorption in the second quarter of 2008. Most of this absorption occurred within the Oceanway submarket with the delivery of the build-to-suit property for Sears. According to Jess Simmons, Senior Associate, "The Jacksonville market overall has slowed due to the tightening economic conditions and resulting low consumer confidence." Nevertheless, the Jacksonville Industrial Market has continued to expand into the first half of 2008 albeit at a slowing pace.
The average triple net asking rate for available warehouse/distribution space is approximately $4.08 per square foot. This is down over the previous quarter from $4.15 per square foot.
View the full Jacksonville Industrial MarketView report
Retail Market
"The remainder of 2008 should remain weak by prior year's standards but look for things to pick
up pace in 2009 and return to a more normative level by 2010," says Cliff Taylor,(bottom right photo) First Vice President, 2008.
up pace in 2009 and return to a more normative level by 2010," says Cliff Taylor,(bottom right photo) First Vice President, 2008.The Jacksonville Retail Market's overall vacancy rate showed a slight decrease to 6.8 percent in second quarter 2008.
The unemployment rate in the Jacksonville MSA was 5.1% in the second quarter of 2008. This represents an increase over the unemployment rate one year ago when it was 3.4%.
The state and national unemployment rate for second quarter 2008 is 5.3% and 5.2%, respectively.
The average lease rate for local retail space in the Jacksonville Retail Market increased in the second quarter of 2008. Historically, the lease rates have proven to be stable regardless of the economic conditions.
Focusing on geographic submarkets, the highest net absorption levels during second quarter 2008 was found in Westside with a positive absorption of 280,853 square feet.
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