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How Do Office Rents Compare Around the State?

Florida office rents have increased to near-record highs based on solid demand for space that provided confidence for developers to build speculative construction. Average rent growth YOY in Florida was 4.5%, and rents are now on average 18% higher than previous cycle highs.

Most Florida office markets, however, are still a relative value compared to historic highs. Only Tampa and Palm Beach have asking rents higher both numerically and on an inflation adjusted basis. According to the BLS’ Consumer Price Index, prices in 2019 are 19.17% higher than average prices since 2009, which equates to an average inflation rate of 1.77% per year. While office rents in Florida are up almost 18% on a numerical basis, this cycle they are still down -4.5% on an
inflation-adjusted basis.

New Plans for Downtown Jacksonville

I was so excited to read this article about Ash Properties and their plans for making downtown Jacksonville more vibrant.

The company is looking at the possibility of adding retail, restaurants and housing to the properties it owns on Hogan, Adams, Julia and Forsyth streets. This would be a tremendous jolt to an already growing and rebuilding downtown.

Read the full article here

DEMOGRAPHIC SHIFTS: THE WORLD IN 2030

We are entering a decade of seismic demographic change.

The retirement of 693 million Baby Boomers and the debut of 1.3 billion Generation Z workers entering the labor force over the next ten years has major implications for real estate occupiers, investors and policy-makers around the world (click here to watch a short video). 

Cushman & Wakefield’s new report, Demographics Shifts: The World in 2030, explores the opportunities and challenges that changing demographics will have on the workplace by 2030, including:

  • The aging of Baby Boomers​
  • The progression of Millennials
  • The difference between Generation Z and Millennials 
  • The impacts on the world’s cities

View the Demographics Report here

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