Jacksonville’s hot industrial market is adding more space.
The city issued a permit Dec. 16 for The Conlan Co. to build the shell of a 314,900-square-foot warehouse in NorthPoint Industrial Park at a cost of $15.44 million.
Pattillo Industrial Real Estate is developing the NorthPoint Building 7 on 18.88 acres at 3397 Port Jacksonville Parkway.
The Conlan Co. built the foundation at a cost of $325,500.
Pattillo Industrial Real Estate Vice President Peter Anderson said previously the building was designed speculatively for lease to up to two tenants, starting at 120,000 square feet.
Completion of NorthPoint 7 is expected in the first quarter.
NorthPoint Industrial Park is designed for 11 buildings along Port Jacksonville Parkway between New Berlin Road and Alta Drive.
Atlanta-based Stone Mountain Industrial Park Inc., a Pattillo affiliate, owns the 362-acre NorthPoint.
As of the third quarter, industrial vacancy was 3.6% to 4.3% in Northeast Florida with much space quickly leased.
The largest submarkets are the Westside, with up to 49 million square feet; North Jacksonville, with at least 27 million; and South Jacksonville, at up to 22 million square feet of that space.
Market reports show that up to 4 million square feet of space is under construction, and most of that will be fully leased by the end of the third quarter of 2022.