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The overall industrial vacancy rate in Jacksonvillewas 8.5 percen t in the first quarter, down from 8.8 percent durinvg the fourth quarter, according to a report by Grubgb & Ellis/Phoenix Realty Within the metro area, the Westside had a 2.3 percent vacanch rate during the first quarter and the Northside 2.2 percent, but the Southsids rate was a noticeably higher 7.5 Grubb & Ellis research showed. More space becamw available on the Southsidw because many developers are doing projectss in the growingsuburban area, said John an industrial broker with the commercia real estate firm. But "there'se no glut yet," he said.
"The Southsids is always higherin vacancy, but it's still very stable." Over the next severapl months, Richardson said, additional space also is expectes to become available on the Westsid -- specifically at Westside Industrial Park and Perimeter West Industrialp Park. The local market's industrial vacancyg rate is above the national average of 7 percenyt but below other Southeastern cities suchas N.C., at nearly 12 percent and Tamp a at about 11 percent, Grubb Ellis found. The real estate firm is forecastinb a decline in the nationall rateto 6.6 percent by the end of this year and 6.3 percengt by year-end 2001.
"The catalyst for this decline will be a pullbacki in construction due to a combination of highedr interest rates and lower levels of the company's report stated. "Rental rates should increass at or slightly abovse the rateof inflation." Businesses looking for large chunks of office spacd Downtown have few places to go, judging from the numberes in a study by Harriet Jones, a brokefr with Property Services. The two buildings that have the most spaced available on the Northbank are the Bank of America Towert with morethan 120,000 vacant square feet and the 100 Laura St. buildinfg with more than 136,000 square feet up for Jones' first-quarter study found.
The Southbank has much less space open. The building with the most space available is PrudentiapPlaza I, with more than 12,000 squarer feet. Jones' study is based on data from Downtowj commercial buildingsof 70,000 square feet or Liberty Property Trust (NYSE: LRY), a Pennsylvania real estated investment trust with major holdings in got a hefty cash infusion this montbh that may help fund the myriads of projects it has pending arounsd the city. The company obtained $450 million in unsecuredr revolving credit from 14financia institutions, including First Unio National Bank and Fleet Nationalp Bank.
Other banks with local presence that participated in the loan were SouthTrust Bank and ChaseManhattan Bank. Amonb Liberty's plans are another buildinh at Southpoint's Butler Plaza, a three-structure project totalint 240,000 square feet. The first 80,000-square-foot building was finished nearlyu ayear ago. The company owns several buildings in the Southpoint including the Libert y Business Park onSalisbury Road. It also is developin g SalisburyBusiness Park. In March, Libertty bought the former Harris Specialty Chemical building in the Deerwood officre parkfor $4.4 million.
And on the Southbank, the compan has made numerous improvements to the Steijn Mart building at 1200Riverplace Blvd. John head of Liberty's Jacksonville operations, did not returnb a call seeking information on what portion of the new moneh would go towardJacksonville E-mail Susanna Barton at sbarton@bizjournals.com.
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