Summer Wainwright’s Post

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Industrial Sales & Leasing in North Florida | Member Associate, SIOR

Jacksonville coming in hot at #2 in the nation for tightest markets of small industrial space, really is no surprise. Since December we have taken over the leasing assignments for three different multi tenant, small-bay industrial properties in Jacksonville. Two of those in the Southside submarket and one on the Northside of town. When I tell you it has been moving, it has been MOVING. In 2023 we saw Jacksonville's industrial market definitely slow down from what it was (2020/2021 being one of the most active markets the Jacksonville industrial scene has experienced in a while), specifically we saw that in the capital markets for industrial product and in big-box distribution centers. The demand for small-bay industrial has appeared to remain consistently strong, with even more of an emphasis on the Southside. Suites ranging from 2k to 5k sf might as well be hot cakes at this point. The smaller blue collar service oriented businesses (HVAC contractors, electricians, & plumbers) aren't going any where. With developers focusing on appealing to larger tenants (30k+) it is really hard to see it slowing down for small-bay industrial in North Florida any time soon. #cre #warehouses #jaxcre #industrialrealestate

View profile for John Cole, Industrial Real Estate Advisor, graphic

Commercial Real Estate Advisor at Foundry Commercial

Jax at #2 isn't particularly surprising. "Small-bay on the Southside" has been incredibly difficult to find during my short 3 year career. More houses and more people means higher demand for localized goods & services, which means more companies fighting over the same warehouses in a constrained market. Small-bay rents will probably continue to increase until the net positive migration to North FL slows down. We need to find a way to increase the supply of this product. Redevelopment is hard (demo is expensive, time consuming, and eats into your returns) and ground up is just as bad (wetlands/zoning problems, no economies of scale), but I can just feel the money there if we can get creative enough to service this demand.

Small Industrial Spaces Are in Short Supply Across the US. Here’s Where They Are Scarcest.

Small Industrial Spaces Are in Short Supply Across the US. Here’s Where They Are Scarcest.

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Paz Patel

CEO at Trent-Trust Investments

6mo

Couldn't agree more! Thank you for posting! #FL95NorthEnd

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