As anticipated, Jacksonville’s industrial market closed out the year much the same way it started: with vacancy rates moving lower and rents moving higher. The overall market vacancy rate dropped from 2.8% to 2.7% in Q4, with warehouse vacancy hitting another record low of 2.5%. Anecdotal evidence from our brokerage team indicates that the vacancy rate on Class-A modern warehouse space is lower than that – probably closer to 1%. The Jacksonville market vacancy rate compares favorably to the national average of just above 4.5%. Rental rates increased 3.8% since Q3 to $5.19.