Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Report: Jacksonville Industrial Rent Continues Impressive Growth
Average market rent in Jacksonville’s industrial market is up to $6.50-per-square-foot, a 1% increase vs. last quarter and a 6.2% increase year-over-year, according to the Colliers’ Northeast Florida Q3 2019 Industrial report.
Despite rent growth, the Jacksonville industrial market’s vacancy rate inched higher in the third quarter of 2019, reflecting the long-awaited delivery of new supply. Vacancy in the Jacksonville market stood at approximately 4%, according to the report.
On the sales front, industrial properties continue to generate substantial interest from investors. Investment management groups are increasingly rebalancing their portfolios in favor of industrial, which has resulted in a large amount of capital inflow to the sector. The only significant transaction to close in the third quarter was iStar’s sale of its Preferred Freezer Portfolio. Included in that sale was the 170,000 square foot cold storage facility located at 1708 Beaver Street. The property sold for approximately $35 million, or $212-per-square-foot.
Connect Industrial 2019 is coming to Houston on Nov. 19. For more information, or to register, click here.
For comments, questions or concerns, please contact David Cohen
