Jacksonville Industrial Vacancy Rises, But It’s Good News for Leasing

The Jacksonville industrial market finished 2020 on a high note. A boost in ecommerce demand from the pandemic has supported strong leasing appetite, owner-user purchases and increasing rental rates.

Colliers International outlines the market dynamics in a new report. New construction, which represents about 1.9% of the current industrial stock, has created what the report calls a “trickle-up” effect where industrial users are shedding dated space for quality new construction product. The trend has produced a combination of rising industrial vacancy—which hit 5.4% in the fourth quarter—and rising rents—which increased to $5.21 per square foot.