As work-at-home policies becoming more commonplace, many companies are still working on finalizing long-term space needs and are opting for shorter-term renewals. While leasing activity has remained well below pre-pandemic levels, Jacksonville has seen several larger office users announcing a gradual return of office employees by the end of the year. With more office users beginning to optimize office needs vacancy rates increase at a much slower pace as it continues to level off. Tenants should be able to capitalize on more aggressive lease terms offered by Landlords until occupancy rates begin to improve.

Despite rumors in the past few years of a retail

apocalypse and an economic downturn caused

by the Covid-19 pandemic, retail in northeast

Florida is alive and well proving that real estate

with good accessibility and high traffic will

always be a need. After a few consecutive

quarters of retailers taking a conservative

wait and see approach due to the economic

downturn, vacancy rate is on the decline again. Steady population and job growth, which has outperformed the national average for the past eight years, along with an increase in median income have been the key demographic ingredients causing retailers, restaurant chains, fitness users, and more to chase newfound discretionary income.

Jacksonville’s Industrial market has continued to tighten over the past year. With many companies fleeing to the business-friendly environment of Jacksonville, vacancies are compressed lower. More than 3.6 million SF of new construction is underway. However, this does not net substantial new availability because three-quarters of the new construction has been pre-leased.

Effective rents, now averaging $1,231 for the Jacksonville MSA, increased 11.5% year-over-year during Q2’21. This is the largest annual rent growth in more than a quarter-century and is the seventh-largest rent increase among major markets nationally. Vacancy levels decreased nearly 1% during Q2'21, still trending below the overall annual average for the past five years.

The ARETI Building is conveniently located just 3 minutes north of Butler Blvd with easy access via Gate Parkway to Southside Blvd, Butler Blvd and I-95. This 4-story building, designed with classic European flair and grace, has world-class finishes throughout common areas; a pronounced center rotunda creating a distinct elevation visible from a distance; waterfront views; exterior monument signage for major tenants; state-of-the-art telecommunications infrastructure; garage parking available for lease and overall surface parking in excess of 4 spaces per 1000 sq ft.