Jacksonville’s apartment, office, industrial and retail markets on the rebound.
Jacksonville’s apartment, office, industrial and retail markets largely were rebounding by the third quarter of 2021 from the COVID-19 pandemic that started in March 2020. The multifamily market remained strong. Here is what Avison Young, CBRE, Colliers, Cushman & Wakefield, Franklin Street, JLL, NAI Hallmark, Newmark Phoenix Realty Group, The Shopping Center Group and Walker & Dunlop are reporting about the Northeast Florida market in July-September 2021.
“Over the last few years, Jacksonville saw increasing interest from large big-box users who view the region as an ideal location to distribute goods throughout the Southeast.”
Cushman & Wakefield
“Jacksonville is also increasingly landing on the radar of companies in the finance, insurance and real estate (FIRE) and banking sectors and there has been an uptick in leasing to engineering, architecture, construction and building materials companies.”
“Continued population and job growth, along with a business-friendly environment, have led to retailers, fast-food concepts and QSRs (quick-service restaurants) looking for expansion opportunities across Northeast Florida.”
“Jacksonville has long been supported by healthy market fundamentals consisting of rent growth, population growth and continuous multifamily value appreciation.”
“Income-producing industrial assets are probably the most sought-after product type in commercial real estate. Nearly every property we offer for sale results in multiple offers with many resulting in bidding wars and execution above asking price.”
“Demand for labor remains high and most signals suggest the key problem firms face is finding workers. Thus, employment growth should remain above 3% through 2022. Longer-term hiring in the U.S. will be restrained by a shrinking labor force.”
“This year, Jacksonville led the nation in terms of professional in-migration. The influx of new residents, in conjunction with proximity to a major port and highway connecting Florida and the Southeast, will likely continue to attract a wide variety of industrial users.”
“Moving forward, an increasing number of institutional owners will begin incorporating ESG (environmental, social and governance) initiatives into their portfolios with a focus on reducing carbon footprints and improving overall wellness for occupiers, although the trend will likely be slow to adapt.”
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