Tremendous Growth in Jacksonville’s Commercial Real Estate Market

Jacksonville's Commercial Real Estate MarketJacksonville’s commercial real estate market has already more than tripled the sales from last year. So far, there has been $184 million in sales since the beginning of the year, compared to $61 million for all of 2012, according to CBRE Group Inc.

There have been two notably large sales so far this year:

–          $130 million for the sale of Deerwood North and Deerwood South office parks

–          $27.8 million for the sale of Freedom Commerce Center

CBRE Group Inc. has sold 90 percent of the office properties to date, and they are currently marketing for the sale of the Aetna Building in Downtown Jacksonville.

Leasing numbers for Jacksonville’s commercial real estate are also promising. The overall vacancy rate was 21 percent compared to 23 percent in 2012. Industrial real estate and retail real estate also continue to grow, with a vacancy rate of 11 percent, down from 14 percent last year.

If you are interested in investing in commercial real estate, Boyer Law Firm’s contract and real estate attorneys can help you with the entire process from drafting the initial contract through the closing, so contact us today.

Source: Jacksonville Business Journal

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