“All of this interest in Northeast Florida’s industrial real estate market shows that companies are recognizing the region’s business advantages,” said Peek. “Customers are finding multiple options in the size and price points they’re looking for, and that availability is becoming a major factor in their decision to choose Jacksonville.”
In addition to build-to-suit space, Cushman & Wakefield is also seeing high demand for speculative warehousing – space built by developers, based on average market needs. Leasing pre-built spec warehousing cuts down on the lead time it takes for a tenant to occupy the building.
Currently, the firm is tracking 24 speculative warehouse buildings under construction in the Jacksonville area, totaling 6.2 million square feet – a healthy amount to match the demand. Eight buildings are set to deliver in 2021, with 10 more the following year. Newman says the availability of spec space gives Northeast Florida yet another advantage.