Jacksonville’s major brokerages found the industrial sector to be a high-demand area, albeit with little space available in the fourth quarter of 2022.
Jacksonville recorded over 880,000 square feet of positive net absorption during 2022’s Q4 2022 and 3.9 million square feet during the entire year. CBRE said the current vacancy rate is 3.4%, though commitments by tenants occupying space in Q1 of 2023 will lead to a vacancy rate 2.1%. “The national macroeconomic picture has changed how some occupiers are approaching expansion plans as many adopt a wait and see attitude,” the report said. “But if the Federal Reserve can slow inflation and avoid a hard landing, we believe many of these occupiers will move forward with expansions and leasing velocity will remain strong.”
“Demand continued to outpace supply, limiting deal opportunities as the market tightened further,” the report said.
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