Scroll Down
Infrastructure Enhancements Bolster Both
Fundamentals and Investment in Jacksonville
Development holds steady as port upgrades continue. A slate of speculative deliveries will put upward pressure on vacancy, with less than a quarter of square footage scheduled for delivery in 2024 accounted for by late February. Given that this market notes the lowest vacancy rate among major U.S. metros for modern logistics space, Jacksonville is well-positioned to take on these arrivals. Further large-scale supply additions may also be warranted as enhancements to the area’s maritime hub come online. Investment in the Port of Jacksonville is proving to be a major driver of long-term demand growth as the Eastern Seaboard takes on a larger proportion of the nation’s maritime imports. In addition to three new cranes coming online this year, a $72 million expansion to the port’s Blount Island Terminal will enhance its throughput capacity by roughly 150 percent annually upon completion in 2025. This could drive logistics operators to seek out arrangements in Northeast Jacksonville this year to prepare for the opening of this facility.