Tuesday, July 21, 2009

CBRE Jacksonville Releases Q2 2009 MarketView Reports


JACKSONVILLE, FL--CB Richard Ellis Jacksonville has released its second-quarter MarketView reports on the office, industrial and retail markets. For a complete copy of each report, please contact Brian Cornett at brian.cornett@cbre.com

Office Market

Oliver Barakat, (top right photo) First Vice President, CBRE, states, "We are now seeing the effects of rising unemployment as a significant amount of second generation and sublease space has become available. On the demand side, there has been an uptick in activity, yet decision makers continue to be very deliberate."

Industrial Market

Against the odds, Jacksonville's Industrial Market has shown positive absorption for the first two quarters of 2009, with positive absorption of 921,000 square feet in the first quarter and positive absorption of 962,000 in the second. Last year, was a record year with 3.7 million square feet being absorbed.

Retail Market

The Jacksonville Retail Market direct vacancy rate experienced an increase of 1.2 percentage points, bringing it to 10.1 percent versus the prior quarter's 8.9 percent. The vacancy rate is showing the concern of consumers, fluctuating to our current rate resulting in an increase of 3.3 percentage points since the second quarter of 2008.

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