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Jacksonville, FL

Apartment
Jacksonville’s apartment market vacancy rate closed the fourth quarter of 2016 at 5.0%, a rate typically considered “ideal” for apartment markets. A quarter and a year earlier, the rate was the same and 70 basis points higher, respectively. The overall vacancy rate declined by 10 basis points, to 4.9%, in January 2017. Rates of rent growth increased in 2015 and grew again in 2016. At $929 and $895 per month, fourth quarter 2016 mean asking and effective rates were up 3.9% and 3.6% for the year. Gains in the fourth quarter alone, however, were small at 0.2% each. January 2017 saw increases on the order of 0.2% each for asking and effective. VIEW APARTMENT LISTINGS >
Industrial
Jacksonville’s warehouse/distribution sector vacancy ended 2016 at 14.0%, up 10 basis points since the third quarter and down 10 year-over-year. At $3.79 psf and $3.48 psf, fourth quarter average asking and effective rents were up 2.2% and 2.4% for the year. Gains for the fourth quarter alone were 0.5% and 0.6%. January 2017 followed with no changes. VIEW INDUSTRIAL LISTINGS >
Office
The Jacksonville general purpose, multi-tenant office market vacancy rate closed the fourth quarter of 2016 at 21.4%, a high rate to be sure, yet down 20 basis points for the period and 60 for the year. At $19.23 psf and $15.07 psf, average asking and effective lease rates in the fourth quarter represented gains of 2.2% and 2.4% for the year. Respective gains in the fourth quarter alone were 0.7% and 0.8%. The lack of new supply deliveries that followed in January 2017 met with net absorption at negative 9,000 square feet. The vacancy rate held steady while each mean rate grew by 0.2%. VIEW OFFICE LISTINGS >
Retail
Jacksonville’s community-neighborhood shopping center vacancy ended the fourth quarter at 12.4%, down 10 basis points for the period and down 30 for the year. At $15.98 psf and $13.15 psf, fourth quarter average asking and effective lease rates were up 1.8% and 1.9% for the year. Gains in the fourth quarter alone were 0.6% and 0.5%. January 2017 followed with an essentially flat performance for rents and no change in the vacancy rate. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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