Jacksonville industrial real estate market reports
Jacksonville’s industrial market is carrying the momentum from 2021 into 2022 by achieving the lowest quarterly vacancy rate since 2018 at 3.5%. Demand continues to outpace supply as over 1.2 million square feet (msf) was delivered in the first quarter of the year, which leaves 5.7 msf under construction. Sales volume rose 55% year-over-year, resulting in a total transaction volume of $194 million for the quarter.
Jacksonville currently has 1.2 msf under construction with 70% of it concentrated in the Northside submarket.
In the first quarter of 2022, over 1.7 msf of positive absorption was recorded, which is 32% of the total absorption throughout the entire 2021 year. There were multiple large blocks occupied during the first quarter including Niagara Bottling and Iron Mountain as the top two.
Direct asking rent
Jacksonville’s overall asking rents increased by 26% year-over-year to $5.54 per square foot (psf). Among the growing demand for premium industrial space, landlords with high-quality, class A logistic buildings are boosting rates.
Industrial availabilities declined to a historic low of 5.4 msf as newer inventory is being swept up as soon as it delivers. Higher clear heights, more dock doors and other features that fulfill the requirements of today’s warehouses and logistics are being sought by tenants looking for new product.
Jacksonville’s overall vacancy decreased to 3.5% during the first quarter of 2022–its lowest quarterly rate since 2018. Demand for larger spaces continues to outpace supply as tenants seek to meet consumer demands.
Industrial investment sale volume trended upward by 55% year-over-year from the first quarter of 2021. Additionally, pricing continues to climb by 29% year-over-year to $85 psf.
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