As the pandemic accelerated the need for warehouse space for distributors and manufacturers, industrial space has been a thriving market in Jacksonville, though space remains in short supply.
"We had never seen tenant demand like that,” Pope said. “Leasing velocity was through the roof, lots of it speculative.”With the market tighter and tighter, Pope said, users and occupiers are still leasing space, but it’s harder to secure land, get financing and build the structures. However, Pope expects the industrial sector to maintain strong demand heading into 2023.
For Marcus & Millichap Senior Associate Tripp Duke, appetite for industrial space is strong despite investors being leery about 2023’s economic outlook. Investors have to readjust when they pursue industrial space in Jacksonville. A major distributor like Amazon arriving led to other national companies realizing Jacksonville’s attractiveness in the Southeast and for shipping. There is an abundance of space coming up for companies seeking warehouse space beyond traditionally older spaces, Duke said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Industrial demand high in Jacksonville though investors wary of economy, experts say - Jacksonville Business JournalIndustrial space has been a thriving market in Jacksonville in terms of transactions though space is in short supply heading into 2023.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
Why the nation's largest medical school wanted to come to Jacksonville - Jacksonville Business JournalHere's the details on the new school, a milestone both for Jacksonville University and the city.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
Johnson & Johnson Vision investing in Jacksonville - Jacksonville Business JournalJohnson & Johnson Vision is one of the largest employers in the area with more than 3,500 workers at the Jacksonville site.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
Why the nation's largest medical school wanted to come to Jacksonville - Jacksonville Business JournalHere's the details on the new school, a milestone both for Jacksonville University and the city.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
Jacksonville tops list of pending home sale cancellations, but investor interest remains high - Jacksonville Business JournalAlthough investors make up a large part of the Jacksonville market, that activity is down from the past. No more investors! 1/3 of Jax homes are already rentals owned by out of state investors/hedge funds. Very bad for future prices.
Source: JaxBizJournal - 🏆 599. / 51 Read more »
Johnson & Johnson Vision investing in Jacksonville - Jacksonville Business JournalJohnson & Johnson Vision is one of the largest employers in the area with more than 3,500 workers at the Jacksonville site.
Source: JaxBizJournal - 🏆 599. / 51 Read more »