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October 30, 2019 Comments Off on Report: Jacksonville Industrial Rent Continues Impressive Growth Views: 743 Florida News, North Florida

Report: Jacksonville Industrial Rent Continues Impressive Growth

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Average market rent in Jacksonville’s industrial market is up to $6.50-per-square-foot, a 1% increase vs. last quarter and a 6.2% increase year-over-year, according to the Colliers’ Northeast Florida Q3 2019 Industrial report.

Despite rent growth, the Jacksonville industrial market’s vacancy rate inched higher in the third quarter of 2019, reflecting the long-awaited delivery of new supply. Vacancy in the Jacksonville market stood at approximately 4%, according to the report.

On the sales front, industrial properties continue to generate substantial interest from investors. Investment management groups are increasingly rebalancing their portfolios in favor of industrial, which has resulted in a large amount of capital inflow to the sector. The only significant transaction to close in the third quarter was iStar’s sale of its Preferred Freezer Portfolio. Included in that sale was the 170,000 square foot cold storage facility located at 1708 Beaver Street. The property sold for approximately $35 million, or $212-per-square-foot.

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