Jacksonville’s industrial market continues to grow at a strong pace. New industrial construction is finally starting to hit the market, with roughly 1 million square feet of additional space coming online in 1Q19. Only half of the newly delivered product last quarter was leased, which led to an increase in vacancy to 3%. While increasing vacancy is not generally a positive market indicator, it is not concerning to our advisors as the market’s overall vacancy level has been abnormally low for 12-18 months. Data from the first quarter of 2019 shows Jacksonville’s industrial vacancy rate was almost 40% lower than the national average of 4.9%.