Business Development Prospects: What the Experts Say | Jax Daily Record | Jacksonville Daily Record
Jacksonville’s apartment, office, industrial and retail markets rebounded significantly in the third quarter of 2021 after the COVID-19 pandemic that began in March 2020. The multi-family housing market has remained strong. Here’s what Avison Young, CBRE, Colliers, Cushman & Wakefield, Franklin Street, JLL, NAI Hallmark, Newmark Phoenix Realty Group, The Shopping Center Group and Walker & Dunlop report on the Northeast Florida market in July-September 2021.
âOver the past few years, Jacksonville has seen increasing interest from big box users who see the area as a great place to distribute merchandise throughout the Southeast.
Cushman and Wakefield
Jacksonville is also increasingly landing on the radar of companies in the finance, insurance and real estate (FIRE) and banking industries, and there has been an increase in corporate leasing. engineering, architecture, construction and building materials. “
âThe continued growth in population and employment, along with a conducive business environment, has led retailers, fast food concepts and QSRs (quick service restaurants) to seek expansion opportunities in the northeast Florida. “
âJacksonville has long been supported by healthy market fundamentals consisting of growing rents, population growth and continued appreciation in multi-family value. “
âIncome-producing industrial assets are probably the most sought-after type of product in commercial real estate. Almost every property we offer for sale results in multiple offers, many of which result in bidding wars and above asking price execution.
âThe demand for labor remains high and most signals suggest that the main problem companies face is finding workers. Thus, job growth is expected to remain above 3% through 2022. Longer-term hiring in the United States will be constrained by a shrinking workforce.
âThis year, Jacksonville dominated the country in terms of professional immigration. The influx of new residents, along with the proximity to a major port and a freeway connecting Florida and the Southeast, will likely continue to attract a wide variety of industrial users.
âIn the future, a growing number of institutional owners will begin to integrate ESG (environmental, social and governance) initiatives into their portfolios with a focus on reducing the carbon footprint and improving well-being. general occupants, although the trend is likely to be slow to adjust.