The Federal Deposit Insurance Corp. recently added Jacksonville to its semi-annual list of overbuilt commercial real estate cities.
"In the case of our city, the FDIC only examined the number of construction permits issued," Montgomery tells GlobeSt.com. "What the FDIC did not take into consideration, however, is that much of this new space is pre-leased."
The broker concedes "speculation is entering our market, but for now, Jacksonville real estate is overall healthy."Third-quarter Grubb & Ellis/Phoenix Realty statistics show a Downtown office vacancy factor of 6.9%, down from 7.6% in the second quarter, and 12.2% in the suburbs. The five submarkets total 12 million sf.
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