Some professionals in Jacksonville’s commercial real estate market see the gears just starting to turn as all segments of the market appear poised to continue improvement into next year.
That’s despite positive net absorption in both the industrial and office markets, but the new space in those sectors is due to significant new construction — something that hasn’t happened in Jacksonville in several years.
Construction crews are also creating new space for retail, but that space seems to be quickly leased as several new developments around the St. Johns Town Center spring up.
Carrie Smith, managing director of Franklin Street’s Jacksonville office, said retail has had a strong year this year and she expects that to continue.
Part of retail’s growth nationally has been spurred by grocers aggressively expanding and the emergence of new entertainment venues.
Jacksonville’s retail space has an average occupancy rate of above 91 percent with asking rates higher than $13.25 a square foot across all asset classes.
While retail has been perhaps Jacksonville’s strongest sector outside of multifamily, industrial real estate has also had a good year.
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