In this report, Cushman & Wakefield analyzes office market fundamentals and compares the current quarter’s rental rates to those at the height of the last cycle. For the first time since this report started to publish, all major markets in Florida have rates above the previous cycle’s high.
- Florida remains a significant job generator. The latest job report shows that the state added over 180,000 new jobs, an increase of 2.1% over the past year, well above the national average of 1.6%.
- Rental improvement has been driven by strong demand and job growth in office using employment and significant new construction.
- For the first time this cycle, every major Florida market has new office construction, with the majority speculative space but with substantial leasing activity.
Click Here to Read Our Report>
A recent big competition in the real estate sector is between cities across the nation trying to win the Amazon HQ2 sweepstakes. Cities have prepared elaborate proposals and offered all kinds of incentives to attract Amazon. This is just the latest example of one city seeking to attract what another city wants, often going to lengths that do not make economic or political sense. Find out what motivates leaders to try to win these bidding wars even when they know the incentives can be unnecessary or excessive.
Yes that’s right! You heard me. I know you are probably surprised to hear that coming from me. For years we have been saying “Jacksonville has so much potential” or “Jacksonville is the Best Kept Secret”. We have moved from having potential to being on Fire! Steve Atkins with Southeast Group who is developing the Barnett and the Laura Street Trio spoke at our Rotary meeting last week and agrees and says we need to start owning our success.
A rendering showing what the restored Barnett Bank building will look like.
There are so many exciting developments in the works downtown. It seems like lately something new is being announced weekly. Here is a list of a few that come to the top of my head:
- The Barnett will be completed by end of this year and has over 400 people on a wait list for apartments!
- The Laura Street Trio will be completed next year.
- The District just closed on the Land on the Southbank
- Vestcor has a waiting list for the Lofts at LaVilla and almost preleased for the Lofts at Monroe.
- Vystar is moving 1,200 people downtown.
- Developer buying the Berman Plaza II and converting it to a hotel
- Axis Hotels bought the Ambassador Hotel and will redevelop it and add residential
- Eugene Profit is converting the former Life of the South to a Hotel Indigo
- Shad Khan developing the Shipyards and Lot J
- And others I know about, but can’t yet announce!