Industrial leasing is strengthening, while office leasing is in the tenant’s favour in the Jacksonville area, JLL Research says in recent reports.
Average asking rents have increased slightly to $21.53 per sq. ft.The real estate data tracker’s Q3 Jacksonville Office Insight Report says.
“VanTrust and International Management still have full building availabilities under development in South Duval within the budding Nocatee development in St. Johns County,” a news release on the report states. “Other new construction projects in the pipeline are on hold for the time being.”
The Florida Times-Union, citing the JLL report, says some deals are to be had for prospective tenants amid vacancies in Northeast Florida, examples of which include CSI, Gunster Law Firm, Terracon and others recently signing leases along Butler Boulevard and Baymeadows Road, the report found.
Though absorption (new square footage leased by tenants) has gone negative, much of that drop in the third quarter was planned in advance of the COVID-19 virus, the researchers say.