Metro Square Signs 27,000-SF Tenant

JACKSONVILLE, FL-In a 15-million-sf office market where the overall vacancy level is at an estimated 16%, Craig Meek, a co-owner of Metro Square95 Office Park has brought his three-year-old, nine-tenant property to the 50% occupancy level with the signing of Advanced Career Training to a 10-year, 27,051-sf lease.

“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.”