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Industrial Market Continues to Slide

JACKSONVILLE, FL-The US economy is taking a toll despite local port expansion.

By Carl Cronan | Updated on February 09, 2009

(Carl Cronan is editor of Real Estate Florida.)

JACKSONVILLE, FL-The local industrial market appears to be in for tough times ahead, with the national economy taking a toll not just on existing space but the ongoing expansion of the city’s port. Vacancy within the area’s inventory of 95 million square feet measured 8.3% by the end of 2008, up a full percentage point over the year, according to Cushman & Wakefield.

Local brokers expect the first half of 2009 to continue on the same slide as the final quarter of last year, with a possible rebound in the second half. Overall absorption is expected to decline this year as the weak economy pushes down tenant demand, along with asking rents, and speculative construction is limited by a lack of financing.

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