QuoteJacksonville office vacancy pegged at 22%
In Jacksonville, the highest overall office vacancy rates in the fourth quarter were on the Northside, at 51 percent, and the Southside, at almost 31 percent.
The Butler/Baymeadows submarket had an overall vacancy rate of 23 percent, with 2.4 million square feet vacant out of an available 10.6 million square feet.
Full Article:
http://www.bizjournals.com/jacksonville/news/2011/01/05/jacksonville-office-vacancy-up-to-22.html
Nothing new here, LoL. Office vacancy is to Jacksonville as unemployment is to the San Joaquin Valley. "Great" is 15%, haha! I don't think I have literally lived to see a day where our overall office vacancy was below 12% and where the Northbank's vacancy was below 14%.
The bad number is our industrial vacancy and the Southside office vacancy. We need to get the industrial back down to about 8% or less, and fast, and I don't see the Northbanks' situation improving at least until the combined Southside/Baymeadows submarkets are around 15% or less.
Where'd you get the numbers johnny?
Anyways, if anyone wants/needs industrial/office space on Talleyrand, PM me, been vacant for a year!
Lunican...please don't bring these numbers up....some regular posters refuse to believe them
Ahem, I've been hearing numbers at least almost as bad as these for most of my life (regarding office space). When has Jacksonville's office market ever been even mediocre? Our only decent/stable markets have been industrial and retail; even apartments are all over the place (either under supplied or way over supplied).
Jacksonville is not a "good" or stable real estate market (even when our prices didn't skyrocket as high as SoFla or other markets, they still crashed just as hard). These numbers should not be surprising in the least bit. We don't even have a "large" amount of office space for a city our size (~36 million SF?). We do have a slightly above average amount of industrial for a city our size (~90 million SF?), and it usually remains stable due to our position as a port city and industrial town. Class A space in Jacksonville? Only a small handful of buildings. Even the BofA tower would be a mediocre building in Atlanta (barely class A by today's definitions...most buildings need serious updates). Our office market is one of the worst in the country and always has been.
I'd like to say that at least there is opportunity in Jacksonville. There really isn't imo. Opportunity would imply absorption, rent increases, and a healthy amount of new construction and competition. Traditionally, there is never much absorption in Jacksonville, never any new construction, and rent remained pretty stable between $18-22 even during the bubble, and now has fallen again. If I were managing an investment in office space, I would not even look at Jacksonville. Idustrial? Perhaps. Retail? Wait and see right now. Apartments? Sure because I know that we'll be heavily undersupplied in a matter of a couple of years, in which case I'll limit my exposure to Jax because soon after the market will be oversupplied heavily again. Hotels? Couldn't be much worse than now, perhaps (way oversupplied in hotels...probably the worst hotel market in the country right now).
.....and we still believe we need to pay for a $40-$50 million office building at the transportation center? Seems like we have tons of already available space in the Northbank.
Quote from: thelakelander on January 25, 2011, 10:23:03 PM
.....and we still believe we need to pay for a $40-$50 million office building at the transportation center? Seems like we have tons of already available space in the Northbank.
But the area plan that you presented here seems to be a fantastic idea.
I'm curious, I've read throught the other posts, but what was the main reason that the skyway ended up so differently than it was proposed?
Quote from: stephendare on January 25, 2011, 10:32:32 PM
The War of the Swanksters. The Diamond Cufflinked Dickswingers of downtown driving the craven Cat Herd of the JTA into political routes that ended up being useless without the various development schemes of the landowners.
So why can't a swankster undo the damage already done? Landowners are holding on to dear life and awaiting a rebound that won't cost them anything, the cufflinks have been pawned to pay for the mortgages that were incurred on the downswing, and scheming in general is not a profitable business anymore. Why don't we now, since the infrast. is in place, expand the system using more modern technologies, convienencies and examples. We apparently don't need 3+mm stop stations, so let's keep going and buile (4) 750k terminals.
QuoteThe War of the Swanksters. The Diamond Cufflinked Dickswingers of downtown driving the craven Cat Herd of the JTA into political routes that ended up being useless without the various development schemes of the landowners.
Sounds like someone got all riled up at Three Layers tonight, lol.
Quote from: Non-RedNeck Westsider on January 25, 2011, 11:04:43 PM
Quote from: stephendare on January 25, 2011, 10:32:32 PM
The War of the Swanksters. The Diamond Cufflinked Dickswingers of downtown driving the craven Cat Herd of the JTA into political routes that ended up being useless without the various development schemes of the landowners.
So why can't a swankster undo the damage already done? Landowners are holding on to dear life and awaiting a rebound that won't cost them anything, the cufflinks have been pawned to pay for the mortgages that were incurred on the downswing, and scheming in general is not a profitable business anymore. Why don't we now, since the infrast. is in place, expand the system using more modern technologies, convienencies and examples. We apparently don't need 3+mm stop stations, so let's keep going and buile (4) 750k terminals.
Because the same clown circus is still pulling the strings downtown. Why would you expect anything different?