All news is good news in Jacksonville real estate
On the whole it seems to be good news all round for the real estate industry in Jacksonville. Net absorption is up by over 300,000 square feet and vacancies in the Central Business District shot up to just over 17%.
Property rental rates also went up by a little over half a percent, hovering around just over $17 a square foot. This marks a trend where the market seems to be getting gradually stronger.
Property construction also seems to be riding on a wave with the next trend being the desire to occupy a new property with better and more efficient floor plans. 85% of almost 700,000 square feet of office property ended up being pre-leased with the two main players being Fidelity Building #6 and Flagler Center 700.
Even though construction costs are starting to rise due to Hurricane season last year, the flip-side is that investment in existing real estate will remain strong.
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