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 June 29, 2020July 6, 2020Amazon continues to dominate industrial leasing along the I-4 corridor. The e-commerce giant just acquired 82.3 acres in Temple Terrace for $26.4 million, or $321,000 per acre. A city official confirmed there is a planned development on that site with Seefried Properties, which is a preferred developer for Amazon. Amazon has also signed a deal to lease the newly developed 425,550-sf I-4 Logistics Center in Seffner.
Florida Real Estate Weekly Snapshot June 15, 2020June 22, 2020The Metro Orlando Defense Task Force is facilitating a coordinated regional response to guidelines set by the U.S. Air Force for the selection of a permanent location for U.S. Space Command headquarters. Currently based in Colorado, SPACECOM’S new headquarters site selection process begins this summer and the announcement of the final selection is expected in January 2021. Orlando is well positioned for this opportunity as it has been the epicenter of the U.S.-led space race for over 60 years now.
Florida Real Estate Weekly Snapshot June 8, 2020June 15, 2020The industrial sector continues to exhibit strength during the pandemic. There has been a particular increase in activity along the I-4 corridor between Tampa and Orlando. At the end of May, HCA Healthcare signed a massive lease for 713,000 sf at a newly completed speculative development in Lakeland. Home Depot is also planning its third warehouse on 65 acres in Hillsborough County.