(Carl Cronan is editor of Real EstateFlorida.)

JACKSONVILLE, FL-Deutsche Bank AG’s plans to expand its local operations may provide a welcomed boost to the city’s office market, which faces rising vacancy and negative absorption at midyear. The German financial giant celebrated the upcoming expansion with elected city leaders Wednesday evening at its offices at 5022 Gate Parkway.

Deutsche Bank reportedly plans to invest at least $12 million into renovating its current 51,000-sf facility and adding 125,000 sf. The new center will house operational and support teams for Deutsche Bank’s Investment Banking Operations group, which will initially employ 400 and grow to 1,000 over the next three years, according to an announcement by Mayor John Peyton.

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