"As we are now at the end of third quarter, the market consensus is one of optimism," Meek, president of locally based Meek Cos., tells GlobeSt.com. "There has been a tremendous amount of increased activity over the past four months and the subleased space is expected to continue to be absorbed, though slowly."
In the past four months, the seven-building, 370,000-sf Metro Square complex at Interstate 95 and Emerson Boulevard has leased over 80,000 sf, "which is incredible in this slow market," he says. Meek feels "the downward pressure on the lease rates should lessen as more of this subleased space is absorbed."
He says Jacksonville has been "very aggressive in providing certain economic incentives to real estate projects in the Downtown area, as well as several strategically identified growth areas of the city."
Additionally, the city has received the federally funded Empowerment Zone designation for several key areas of the region "which should assist in the continued growth in those areas," Meek says.
Advanced Career Training expects to occupy its space at Metro Square in first quarter 2004. The estimated value of the lease is $3 million, Meek says. The average asking rent range is $10 to $11 per sf, triple net.
Bert Smith and Forrest Gibson of Grubb & Ellis/Phoenix Realty Group represented Metro Square. M. Scott Hanigan and Jay Dowlen of CB Richard Ellis Inc. negotiated for the tenant. MetroSquare95 is a joint venture between ING Realty Partners and the Meek Cos.
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