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JAXPORT Report
Last month Jacksonville City Council voted unanimously to support JAXPORT with $75 million for the Harbor Deepening Project —comprised of a $35 million grant and a $40 million loan. The Project is now fully funded to Blount Island and will bring the channel depth to 47ft and allow larger container ships to call JAXPORT with[…]
Florida Employment Report | July 2020
Florida continues to see improvement on the job front over the summer. Florida lost 1,178,100 jobs from February to April 2020 and has since gained back almost half of the jobs lost, +572,200 jobs. On a month-to-month basis, payrolls increased by 101,000 jobs in July while the unemployment rate increased 1,000 basis points to 11.3%. The[…]
Midyear 2020 Florida Investment Sales Industrial Report Card
Florida experienced a 12.8% YOY decrease in industrial investment sales through the first half of 2020. Orlando and Miami were the only markets to experience an increase at the mid year, up 104.4% and 29.2% respectively on sales that hit in the first quarter. All markets experienced a substantial decrease in sales during the second[…]
Florida Industrial Rents Q2 2020
Second quarter rents reflect minimal impacts from COVID-19. Warehouse/Distribution direct rents increased to near record highs in several markets based on confidence pre-COVID. Average rent growth YOY in Florida was 8.3%, and average statewide rents were 12.9% higher than previous cycle highs. On an inflation adjusted basis, statewide rents were off by 6.1% from the previous[…]
Florida Employment Report | May 2020
Traditional year-over-year comparison for job growth in Florida paint a bleak picture with the state losing over 850,000 jobs in the last 12-months. On a month-to-month basis, job growth in Florida was positive in every major industry group. Payrolls increased by 182,000 jobs last month but the unemployment rate still increased 70 basis points to[…]
Florida Industrial Rents Q1 2020
Shelter-in-place orders and business interruptions did not occur in Florida until the end of March. As such, 1st quarter industrial rents do not reflect any real impacts from COVID-19. While there has been significant rent growth pre-pandemic, most industrial rents in Florida lag historical highs based on a numerical or an inflation adjusted basis. Only Jacksonville[…]
Transforming the Supply Chain for Shifting Channel & Product Demands
How has COVID-19 Impacted eCommerce, Logistics & Manufacturing? Join a panel of logistics and retail experts for a discussion about pandemic-driven shifts in supply and demand. Find out what changes are happening now and how industries may be impacted in the coming months/years. The conversation will include the eCommerce multiplier, acceleration of technology[…]
Florida Employment Report | April 2020
Almost every major industry in Florida saw declines in April, with tourism-related metros leading in losses. Payrolls fell by over 1.0 million jobs during the month and the unemployment rate spiked to 12.9% from 4.4%. This rate under represents the true number of unemployed. Over 16% of Florida’s labor force applied for unemployment insurance over[…]
Where does the Jacksonville real estate market go next?
What impacts will Covid-19 have on commercial real estate? Local real estate experts are weighing in with their predictions. Read the full article here >
1Q 2020 Florida Industrial Construction Report Card
As the world reacts to the Covid-19 pandemic, demand from industrial users will change with the potential for powerful impacts on Florida markets. Industrial space is traditionally the most nimble and responsive to immediate changes in the economy, ramping up quickly when demand rises with projects shelved just as fast as the economy softens. Late[…]
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TURNING ON A DIME – RETOOLING MANUFACTURING FOR COVID-19
Bethany Clark Some say the phrase ‘turn on a dime’ has been around since the 1880’s. Over time, the origin and meaning of the phrase may have been forgotten or confused, but it’s very relevant in the current COVID-19 pandemic. The most common reference is that the origin of the expression goes back to high[…]
THE REAL COST OF HEAVIER TRUCKS
For years, trucks have failed to pay enough tax revenue to fully compensate for the damage they inflict on America’s roads — a costly blemish on the nation’s otherwise efficient and cost-effective freight transportation network. Now, some want to double down on the heavy toll trucks inflict by raising the federal weight limit from 80,000[…]
Coronavirus: Impact On The Global Property Markets
Developments are extremely fluid, and tremendous uncertainty remains regarding how broadly the virus will spread and what its ultimate impact will be on public health, economic growth and financial and real estate markets. All eyes are on the financial markets. The virus is battering China’s economy. The precise impact to the global economy is unknowable,[…]
Five Fast Facts: Top U.S. Ports
The ports are a vital economic engine for the U.S. and a huge driver of demand for industrial real estate. The Ports industry remains essential to the supply chain process and will continue to evolve to meet the increased demand for goods. The U.S.-China trade tensions had an impact on container volumes, especially for West Coast[…]
Industrial cooled off in 2019 – Will it heat back up?
Over the next couple of years, we expect industrial to remain one of the leading product types to watch. The forecast for North American industrial absorption in 2020-2021 is a healthy 459.9 msf. Economic indicators, with strong links to industrial fundamentals, point to continued growth in 2020 and 2021. Industrial has been the investors’ darling[…]
Global Research Brief
The global economy clearly lost considerable strength this year. Global real GDP growth is tracking to come in at 3.0% for 2019—its slowest pace since the global financial crisis. Although commercial real estate (CRE) leasing fundamentals remain broadly stable, it is also evident that the pace at which businesses were gobbling up space decelerated against[…]
North American Industrial Preliminary Outlook: Quick Facts
The North American industrial market saw a bit of a slowdown in 2019 coming off a banner year in 2018. But what’s in store for 2020-2021? With the continued support of tailwinds like technology, eCommerce, AI, blockchain, and the ongoing tensions with international trade, it is safe to say the next couple years will be[…]
Sam’s Club Tests Retail Space at eCommerce Fulfillment Center
Sam’s Club last week reintroduced retail space to a former store in Tampa, Florida that the company had converted to an eCommerce fulfillment site, according to local reports. The store shuttered last January as part of the company’s sweeping closures and began filling online orders several months later. The retail space, located in what was[…]
Jacksonville ranks #1 for large cities
Axios recently published an article ranking the top 5 Counties for attracting job talent based on population. Duval County, Florida (Jacksonville) ranked number 1! The article notes that Jacksonville’s job growth has been bolstered by the introduction of Amazon and Wayfair distribution centers. Read the full article here!
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