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Q3 2021 Jacksonville Industrial Market Report

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The Jacksonville industrial market is on fire. Headline vacancy is 4% but actual vacancy in class-A & B product is closer to 1%, which is far less than what is needed for the market to function efficiently. Functional B/C quality availability is also low. We are seeing many landlords in the class-C space force tenants to take space as-is, or with tenant improvement packages that are entirely financed thru increases in rent. Small occupiers in the warehouse condo space are putting in offers on units sight unseen for fear of missing out on much-needed space. As the backup at America’s largest ports continues to worsen heading into the holidays, we believe Jacksonville will ultimately be a beneficiary of supply chain revisions aimed at diversification to help avoid issues like this in the future. In short, we see no reason that the Jacksonville industrial market should slow any time soon.

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Q3 2021 Jacksonville Industrial Market Report

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Related Experts

Guy Preston

Executive Director

Jacksonville

As an Industrial Specialist, Guy’s role is to provide his clients with expert and comprehensive advice in Industrial Sales and Leasing; Land Sales; Industrial Investment Sales; Port Site Sales and Leasing; Site Selection and E-commerce Distribution and Fulfillment Center Occupier Services.

One of his outstanding strengths is the ability to problem-solve to propel even the most complicated deals to the finish line.

He is a member of the Colliers International Logistics and Transportation Solutions Group, a practice group dedicated to delivering focused industrial real estate advisory services to better address the global economy. Guy has earned the SIOR Designation. SIOR is a society comprised of the most capable and experienced practitioners, delivering best in class service to clients.

Guy has closed transactions over $400M and in excess of 10M SF, as well as thousands of acres of land.

After graduating from Troy University with an Accounting Degree, Guy completed a four-year tour as a Missile Launch Officer in the United States Air Force. He then began his career in commercial real estate, where he continually strives to provide client centric service.

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Eric Bumgarner

Senior Director

Jacksonville

As a Senior Director at Colliers International Northeast Florida, I focus my efforts primarily on the disposition of industrial business parks, single tenant net leased industrial and in self-storage facilities. My brokerage activities include both seller/landlord representation and buyer/tenant representation; where I complete sales and leases in the specialty of industrial land and buildings for local, regional and international companies. I've closed over $110M in transactions totaling approximately 3.1M square feet.

I have relevant hands-on experience having worked for multiple contracting businesses, and prior to joining Colliers International, I managed the industrial division at Prime Realty. I'm also a veteran of Operation Enduring Freedom, having served in the United States Air Force in Pakistan where I maintained C-130's avionics and missile defensive systems. 

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Joseph Turri

Director

Jacksonville

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Seda Preston

Associate Director

Jacksonville

Seda began her career as an Industrial Specialist in 2016 and has amassed an accomplished list of clients and transactions. Her expertise is in leasing and sales of industrial assets, with particular focus on Agency and Tenant representation.

Utilizing her advisory skills and strengths in persistence and organization, Seda has closed leasing transactions of over 2.5M SF and sales transactions of over $200M. She is currently representing 3.2M SF of Agency industrial distribution product in Jacksonville.

 

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Bart Hinson

Senior Associate

Jacksonville

I've been a resident of Jacksonville since 1974.  This has allowed me the opportunity to gain vast knowledge of the local market and develop significant relationships within the local community and regional area. My real estate and commercial experience, in conjunction with my in-depth knowledge of market conditions, allow me to guide my client’s through complex transactions and bring them to successful conclusion.

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Michael Cassidy

Senior Associate

Jacksonville

Michael joined Colliers International | Northeast Florida in April 2019 as an Associate for the Bumgarner Industrial Team. As a third generation Floridian and a lifetime resident of Jacksonville, Michael has had the opportunity of creating strong connections with the local and regional market. He brings experience in sales, customer relationship management and financial analysis and his primary focus is to assist the Bumgarner Industrial Team while entering the market as an young professional and developing quality client relationships.

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