McKesson Corporation recently announced its plans for a 125,000-square-foot Class A building in the popular and growing Gate Parkway area as part of the Southside Quarter development by Hines, also near the Town Center. These traditional office uses will continue to drive the market in Northeast Florida.
In the Jacksonville area, the Q4 2017 industrial vacancy totaled at 3.5%with an annual net absorption of 7.1 million square feet. This is an area that heavily relies upon imports and exports to drive manufacturing, storage, and logistics in the market. JAXPort is already reporting increased traffic and activity in the first quarter of 2018 and we expect this will grow steadily this year.