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Jacksonville, FL

Apartment
Third quarter 2016 vacancy in the Jacksonville apartment market was 6.6%, it was up 20 basis points for the period and was unchanged overall year-to-date following an overall flat performance in 2015. Rates of rent growth increased in 2015 and are increasing again in 2016. At $927 and $893 per month, third quarter mean asking and effective rates, showing steady quarterly increases, were up 3.7% and 3.4% year-to-date following increases of 3.2% and 3.3% through all of 2015. Gains for the latest quarter alone were 1.2% and 1.0%. October-to-November followed with no new supply and 98 units of negative net absorption (likely a temporary factor) along with flat rent growth (also likely temporary). VIEW APARTMENT LISTINGS >
Industrial
Jacksonville’s warehouse/distribution sector vacancy ended the third quarter of 2016 at 13.6%, down 10 basis points for the period and down 20 year-to-date following a decline by 140 all told in 2015. At $3.77 psf and $3.46 psf, third quarter average asking and effective rents were up 1.6% and 1.8% year-to-date following gains of just 0.8% and 1.2% all told last year. Gains for the latest quarter alone were 0.5% and 0.6%. October-to-November’s 18,000 square feet of positive net absorption alongside no new supply deliveries left the warehouse/distribution market vacancy rate unchanged, while rents moved up a penny. VIEW INDUSTRIAL LISTINGS >
Office
With just 25.1 million square feet of existing inventory, the Jacksonville general purpose, multi-tenant office market is small. The vacancy rate ended the third quarter of 2016 at 20.7%, up 20 basis points for the period and down 30 year-to-date following an essentially flat performance the year before. Rent growth, while improving, remains sluggish. At $19.09 psf and $14.95 psf, average asking and effective lease rates in the third quarter were up 1.4% and 1.6% year-to-date following increases of just 1.3% and 1.2% through all of last year. Respective gains for the latest quarter alone were 0.4% and 0.3%. The lack of new supply and minimal negative net absorption through November left the overall vacancy rate unchanged while adding two and three cents to mean rents. VIEW OFFICE LISTINGS >
Retail
Jacksonville’s community-neighborhood shopping center market vacancy rate ended the third quarter of 2016 at 12.4%, unchanged for the period but down 30 basis points year-to-date following a 40-basis-points decline all told last year. At $15.88 psf and $13.08 psf, third quarter average asking and effective lease rates were up 1.1% and 1.3% year-to-date following gains of 1.3% and 1.4% in 2015. Gains for the latest quarter alone were 0.4% and 0.5%. Along with flat rent growth during October-to-November, the vacancy rate fell 10 basis points. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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