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Market Report

Jacksonville Industrial Market Report

Second Half 2019

Population Expansion Builds Foundation For Investment in Big-Box Industrial Space

 

Steady population growth promotes industrial expansion throughout the metro. Net migration into Jacksonville will reach over 16,000 people this year and the population will grow at nearly double the national rate. Jacksonville manufacturing and distribution companies are drawn here as they seek to service the growing community. Firms are locating in the northern and western areas of Jacksonville to be near other major logistics companies already established in the area. For example, Cra-Z-Art will be moving into a 300,000-square-foot built-to-suit manufacturing facility and UPS will be adding a custom 370,000-square-foot distribution space in this part of the metro. As more industrial users enter the market, developers will deliver the largest amount of new building stock this cycle. Speculative construction is most prominent around the metro’s major interstates as these provide easy access for distributors. These locations have had an increase in property value due to new tenants targeting space here, which allows market rents to adjust higher. One of the largest speculative deliveries this year will be the Imeson International Park. This development will include a 477,000-square-foot manufacturing space in northern Jacksonville, near I-95 and I-295.

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