Developer, broker reports show continued confidence in Jacksonville commercial development

Job and population growth and low unemployment keeping real estate developers and brokers busy.
by: Karen Brune Mathis Editor

Jacksonville’s job and population growth and low unemployment rate are keeping commercial and multifamily real estate developers and brokers busy.

The area’s major commercial brokerage firms reported fourth-quarter conditions that indicate 2019 likely will be more of the same.

CBRE reported that job, population growth and business expansion “will continue to increase demand” for office and warehouse space.

Factors include the growth in e-commerce centers, such as’s two fulfillment centers and one being built for Wayfair Inc.; manufacturing like JinkoSolar Holding Co. Ltd.’s solar-panel plant; technology startups; health care-related businesses; and the apartments and retail space being built to serve the growing population.

In its opening comments, NAI Hallmark reported that while there is some slower movement, the Jacksonville market continued trending upward.

“We expect to see some fluidity in the early months of 2019; however consumers and business owners in Northeast Florida are optimistic for the year,” it stated.

What the experts are saying

Office market: “2018 was a transformational year for Jacksonville. The office sector has grown in a careful and calculated fashion and the limited new speculative construction introduced has been met with enthusiasm.”  — Avison Young

Multifamily market: “The 2019 pipeline is poised for a record-setting year. Factors such as strong population growth, employment growth, and rising median income levels continue to drive demand.” —Colliers International

Industrial market: “Healthy market activity created positive momentum during the year, dropping the overall vacancy rate to a historic low of 2.3%.” — Cushman & Wakefield

Here’s more from the reports by CBRE, Colliers International, Cushman & Wakefield, NAI Hallmark and Avison Young: