The Jacksonville market saw its fair share of activity and some closings in the first quarter, and this trend is continuing in the second quarter. There was almost 800,000 SF of lease transactions in the first quarter, with most of it consisting of four large leases with Global Tissue Group, VCT, Keller Logistics and KWS Tire. There are rumors that Coca Cola Bottling, Wagoner Industries, Gallo Wine, and GE are circling the market for some additional space, too. Along with some larger distribution users taking down some space, several smaller users in the 10K – 30K SF range also purchased buildings. All of them were likeminded, in that they had been leasing space for awhile and felt if they were ever going to buy, now was the time. I have personally completed two sales this year in this size range, with a third pending, and have seen three others completed by my competitors.
I don’t believe we are, by any means, out of the woods with this recession, but it is nice to see some deals getting completed. I believe the recovery will be slow and painful with sporadic job creation here and there, with the biggest factor being the lack of confidence the country’s business owners have in our government right now. I think the August 2nd debt ceiling deadline will be a huge issue for a lot of businesses that are waiting to see what the government will do and how it will affect this country. I hope and pray our country’s leaders can figure this out and restore the confidence of our business community nationwide.
To finish on a lighter note, the weather in Jacksonville has been great, and my golf game is getting a little better, as I have made it out to play a couple times in the last two months. The ocean water is nice and warm to swim in, and for the past couple weeks, the waves have been pretty good, too. So, if you’re reading this, and you’re outside of the Jacksonville area, you need to come and visit and take in all the great activities our city has to offer. Until next time; have fun out there!
Jacob Horsley
NAI Commercial Jacksonville, Inc.
Industrial Group
