Avison Young in Jacksonville
The largest city in area in the continental United States, Jacksonville is a rapidly growing metropolitan area in Northeast Florida that benefits from a diverse economy, a skilled labor force, and an expanding economic and employment base. Companies and investors alike continue to be attracted to the Sunshine State due to its strong growth dynamics, and Jacksonville was recently named the fastest growth city in Florida by the U.S. Census Bureau. Additionally, Manpower Group North America's Employment Outlook Survey ranked Jacksonville as the 4th best market in the country for 2019 and Forbes has recently ranked the city of Jacksonville third in its “Top 10 Best U.S. Cities for Finding Employment”. Known for its advanced transportation, financial services and health and life sciences sectors, Northeast Florida is also making inroads in the tech industry with Forbes ranking it as one of the fastest-growing sectors for high-tech jobs.
Northeast Florida’s seven-county ‘First Coast’ region, of which Jacksonville is the primary economic engine, is home to several leading firms, including Fortune 500 companies CSX and Fidelity National Financial, as well as 80 corporate, regional and divisional headquarters. Firms with headquarters in the region include Bank of America, Florida Blue, JP Morgan Chase & Co, Southeastern Grocers, McKesson, Johnson & Johnson Vision Care and Allstate. The re-development of underutilized, and sometimes historic, buildings into more vibrant mixed-use projects is occurring within the urban core and office, industrial, multifamily and retail development activity is taking place in primary areas surrounding downtown, along the I-95/9A Corridor, and in the business parks on the Northside. An industrial hub situated at the crossroads of rail, maritime, air and road routes, Jacksonville is also one of the best situated U.S. cities for logistics infrastructure and its full-service international trade seaport (‘JAXPORT’), ranks as one of the fastest-growing ports in the nation.
With more than 20 miles of uncrowded beaches and nearly 40 miles of the tranquil Intracoastal Waterway canal, Jacksonville also lures its fair share of visitors, with 6.5 million passengers traveling through Jacksonville International Airport in during 2018.
Florida Real Estate Weekly Snapshot May 25, 2020June 1, 2020There has been an acceleration in leasing activity over the last week, more traction with regard to longer term deals, and an uptick in requests for information and tours. In multiple markets, some clients that had previously put transactions on hold are now beginning discussions to move forward.
Florida Real Estate Weekly Snapshot May 18, 2020May 25, 2020With regard to rent collection, the general consensus is that as companies have gotten their federal stimulus money, they have increasingly been more able to cover their rent. Rent collection to date for May is similar to what was collected in April. Many office and industrial landlords have been deferring rent at 0% interest with a payback over the remainder of the term, or at the end of the year.
Florida Real Estate Weekly Snapshot May 11, 2020May 11, 2020Demand for cold storage space, which was already on the rise in Florida, is seeing a stronger uptick during the coronavirus pandemic. Online grocery sales reached a record high during April, with shoppers spending $5.3 billion on orders for delivery and pickup, a 37% jump over the previous month. Consumers are reporting weeks-long waits on Instacart, Shipt and other leading platforms as demand far outpaces the supply of available workers and groceries.