The Jacksonville industrial market is hitting on all cylinders.
Demand for space continues to soar and supply is increasingly scarce. With demand peaking and vacancy rates at or near historical lows, rent pressure continues solidly upward. The current supply/demand imbalance has created a strong need for more development. But despite overwhelming evidence that the industrial market is in need of new product, the construction pipeline remains under control, with only 760,000 square feet under construction. Most of the construction pipeline is speculative in nature but given the relative tightness of the market, we expect most of this space to lease prior to completion or very shortly thereafter. Four projects being developed by Jackson Shaw, Becknell Industrial and Pattillo make up the majority of the construction pipeline. Our office is representing Becknell Industrial in the leasing of their 185,000 square foot speculative project.
2018 Q2 Northeast Florida Industrial Market Report
Date Published: 07/25/2018