FIRST COAST COMMUTER RAIL TOD STUDY | EXISTING CONDITIONS
FIRST COAST COMMUTER RAIL TOD STUDY | EXISTING CONDITIONS
126
127
INDUSTRIAL
Typologies Industrial development, concentrated in northern and western Duval County, tends to be a robust, tight market with large floorplate, lower employment uses, driven by the ports in the area and the prevalence of the shipping and logistics industries. There is also development of smaller industrial properties in southern Duval and south and west of St. Augustine.
Takeaways
The strategic location of Duval County near transportation hubs like ports, airports, and railways has supported the need for industrial space by the shipping and logistics industries, primarily in northern Duval County.
year in Duval County and only 100K SF per year in St. Johns County. Net absorption fell in 2020, following the start of the pandemic, but rebounded strongly in 2021. The average vacancy rates in both counties have declined significantly since 2010. Rates rose during 2020 as a result of the pandemic, after which rates fell to virtually zero in 2021 as the industrial market recovered. The average rent in Duval County has risen slowly since 2010, while the average rent in St. Johns County has risen more quickly since 2014 with a sharp increase since 2019.
Nearly 20,000 transportation and warehousing jobs have been added to Duval County from 2010 to 2020, spurring demand for industrial space. Industrial development has been heavily concentrated in Duval County. Since 2010, deliveries have averaged just over 1,300,00 SF per year in Duval County and nearly 50,000 SF per year in St. Johns County. Duval had a spike in 2019 driven by large projects like Wayfair and BMW.
Since 2010, net absorption has averaged over 2M SF per
Jacksonville Interstate Commerce Park
Industrial Deliveries (2010-2021)
6,000,000
I-95 & Pecan Park Rd, Jacksonville Proposed warehouse (expected 2023) 6,000,000 SF (RBA) 1 Story (Low-Rise) Rent/SF/Yr: Not disclosed North Jacksonville Amazon Fulfillment Center 10501 Cold Storage Rd, Jacksonville Distribution industrial built 2021 1,063,225 SF (RBA) 1 Story (Low-Rise) Rent/SF/Yr: $5.24 - $6.41 12901 Flagler Center Blvd Jacksonville Warehouse built 2015
5,000,000
Large deliveries included a Wayfair Distribution Center, a BMW Regional Parts Center, and large warehouse and distribution buildings
JRTC
4,000,000
3,000,000
BAYMEADOWS
AVENUES WALK
2,000,000
CR 210
1,000,000
PALENCIA
(1,000,000)
KING STREET SR 312
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Pipeline projects Deliveries since 2010 FCCR corridor
Duval County Change in Inventory
St. Johns County Change in Inventory
598,950 SF (RBA) 2 Stories (Low-Rise) Rent/SF/Yr: $6.37 - $7.79
Industrial Average Vacancy Rate (2010-2021)
Industrial Average Rent (All Service Types) per SF/Year (2010-2021)
Figure 3-46: INDUSTRIAL DEVELOPMENT NEAR CORRIDOR
Source: CoStar, Dot size based on Rentable Building Area (RBA)
$12
10% 12% 14%
$10
$8
0% 2% 4% 6% 8%
$6
$4
$2
$0
Duval County Avg. Vacancy Rate St. Johns County Avg. Vacancy Rate
Duval County Avg. Rent St. Johns County Avg. Rent
Figure 3-45: INDUSTRIAL DELIVERIES, VACANCY & RENT
Source: CoStar
FCCR TOD
Made with FlippingBook - Share PDF online