Evolving business models within the financial service sector are changing the industry’s commercial space requirements, according to JLL Research’s inaugural Financial Services Operations Centers report. In Florida, these changes are most likely to affect established hubs such as Jacksonville and Tampa, each of which counts finance as a major economic driver.
While some urban office markets in Central Florida experienced a drop-in occupancy and leasing activity as the second quarter of 2018 drew to a close, stable fundamentals and unabated new construction suggest optimism among landlords and developers. JLL’s recently released Q2 2018 Office Insight report analyzed the latest market data to provide an overview of the major trends impacting Central and North Florida’s markets.
Urban office markets across South Florida recorded significant negative absorption in the second quarter, although rental rates so far remain unaffected. In the long run, market observers find reasons for optimism in undiminished demand for Class A space, including a tendency of new high-end properties to lease up relatively quickly despite a general falling off in leasing activity.
As the state of Florida braces for another hurricane season, which kicked off earlier this month and runs until November 30th, it’s important to know what preparations and measures to take in advance to properly protect commercial real estate properties.
Forecasters are predicting another active hurricane season following an intense 2017 that included the impactful landfall of Hurricane Irma. This year, Florida is expected to experience about seven hurricanes – three hurricanes… Read More
JLL’s Retail Outlook for the first quarter found major U.S. metro areas falling from the peak of the real estate cycle, with rents softening and vacancies stagnant or mounting. In key Florida markets, however, retail is faring comparatively well. While Tampa is just beginning to experience a softening of the market, fundamentals in Miami and Orlando are still improving, helped by a surge in demand created by significant in-migrations of Puerto… Read More
Tampa Bay’s consistent economic growth- driven by strong population and employment gains over the past several years- has made it one of the most desirable office markets in the Southeast US. However, in recent years the city’s ability to attract new, large corporate tenants has… Read More
The Southeast region of the U.S. has been one of the biggest benefactors of this expansionary economic period. The region boasts some of the fastest growing metro areas in the country – both in terms of population and job growth. Due to its low cost of living and favorable business climate, many companies and… Read More
In 2017, grocery-anchored centers grew by 5.4 percent –– a vote of confidence among investors that grocery stores will not be disappearing anytime soon. Florida was one of the top five states in the U.S. for growth in the sector, posting a 6.0 percent increase over 2016 in new grocery space. In sharp contrast, grocery openings nationwide plunged 28.8 percent last year as many brands reevaluated corporate strategies.
Mark Williams, JLL’s Managing Director of Valuation & Advisory Services in Florida
Nearly a year ago, Jacksonville’s JLL office became the first in Florida to add valuation and advisory services through the acquisition of 15 appraisers from the Florida affiliate of Integra Realty Services (IRR). From that base the team serves JLL… Read More
Primary office markets in Central and North Florida continue to show signs of economic growth. Strong investor interest is transforming downtown areas with new housing developments, and as office absorption and rental rates rise to peak levels, new office product is expected to follow. In secondary markets recovery is slower, but there are early indications of growth in tenant demand.
JLL’s Q4 to produce an overview of key trends driving the Orlando,… Read More