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Jacksonville, FL

Apartment
The Jacksonville apartment market vacancy rate closed the third quarter of 2017 at just 4.6%, lowest since before the recession and down 10 basis points for the quarter and 40 year-to-date—following 2016’s 80-basis-points decline. Data for October lowered the rate by 30 additional basis points. Rates of rent growth increased in 2015 and did so again in 2016 but are declining in 2017. At $954 and $915 per month, third quarter mean asking and effective rates were up 2.4% and 1.8% year-to-date in the wake of gains at 3.9% and 3.7% in 2016. Gains for the third quarter were 0.3% for both rates. October alone brought increases of 0.4% and 0.5%. VIEW APARTMENT LISTINGS >
Industrial
Jacksonville’s warehouse/distribution sector vacancy rate ended the third quarter of 2017 at 11.4%, down 60 basis points for both the period and down 160 year-to-date following 2016’s 80-basis-points decline. While the October completions added back 20 basis points, additional net absorption is expected to erase that increase—and then some. At $3.87 psf and $3.56 psf, third quarter average asking and effective rents, quite low by national norms, were up 2.0% and 2.3% year-to-date after 2016’s increases of 1.9% and 2.1%. Gains for the third quarter alone were 0.5% and 0.8%. October brought gains of 0.5% asking and 0.3% effective to both rates. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in the Jacksonville general purpose, multi-tenant office market closed the third quarter of 2017 at 21.6%, a high rate to be sure and up 40 basis points for the period and 20 year-to-date—following a loss of 50 through 2016. October’s positive absorption reduced the rate by 10 basis points. Moderate but slowing rent growth is indicated. At $19.48 psf and $15.27 psf, average asking and effective lease rates for the third quarter, quite low by norms for major national markets, represented year-to-date gains of 1.3% asking and 1.4% effective for the period following increases of 2.2% and 2.3% through 2016. Gains for the third quarter alone were 0.2% apiece, to which October added increases of 0.1%. VIEW OFFICE LISTINGS >
Retail
Jacksonville’s community-neighborhood shopping center vacancy rate ended the third quarter of 2017 at 12.4%, up 30 basis points for the period and up 10 year-to-date following a loss of 40 all told through 2016. October’s modest net absorption alongside no new additions to supply subtracted 10 basis points. At $16.21 psf and $13.37 psf, average asking and effective lease rates for the third quarter were up 1.4% apiece since year-end 2016 after that year’s gains of 1.9% and 2.1%. Growth rates for the third quarter alone, the year’s best to date, were 0.9% and 1.0%. October followed with an essentially flat performance. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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