CBRE Jacksonville Releases Q3 2009 MarketView Reports

JACKSONVILLE, FL--The Jacksonville, FL office of CB Richard Ellis has released its third-quarter 2009 MarketView Reports.  For a complete copy of the report, along with charts, please contact Brian Cornett,  brian.cornett@cbre.com.  Here are the highlights:

Office Marketview    

(Independent Life Tower, downtown, top right photo)

The third quarter ends with evident signs of the weakened economy but with some indicators pointing to potential market improvements. Total market vacancy stands at 21.2 percent. This represents a 320 basis point decrease from our 3Q08 vacancy but only a 130 basis point decrease from last quarter. Download the full Office MarketView.

Industrial Marketview

The Jacksonville industrial market leasing activity remains slow in the third quarter of 2009, as the vacancy rate increases to 8.5 percent and net absorption registered a negative 7,950 square feet.

Retail Marketview

The direct vacancy rate experienced an increase of 30 percentage points, bringing it to 10.4 percent versus the prior quarter's 10.1 percent. With the vacancy rate increasing, the average asking lease rate is beginning to show a decline. The average asking lease rate in the second quarter 2009 was $16.39 per square foot and stands at the current asking lease rate of $16.10 per square foot, a decrease of $0.29 per square foot.