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Q3 2021 Jacksonville Office Market Report

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Jacksonville’s office market continues to see increased leasing velocity relative to this time last year. Absorption turned positive this quarter as tenants are again confident enough about the state of the economy to move forward with new leases. Among active tenants, medical users lead the pack. We are seeing interest on the tenant side from several small to mid-size medical groups to expand or open new locations in the suburbs. In many cases, groups are moving out of office towers and into shopping centers. This is due to the easy accessibility and access to amenities afforded by retail properties, as well as the relative lack of availability on the office side. Speculative medical office construction is nearly impossible to come by, with most potential developers citing the complexity and cost associated with this type of construction. Almost all favor build-to-suit arrangements. Ironically, this is only helping to accelerate medical tenants’ departure from office environments.

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Q3 2021 Jacksonville Office Market Report

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Related Experts

Chuck Diebel

Vice President

Jacksonville

I am a Jacksonville native with more than 40 years of experience in real estate and construction. I specialize in investment sales as well as office leasing, including both landlord representation and tenant representation. I am a member of the Advisory Board Executive Committee at Colliers International Northeast Florida.

Prior to joining Colliers in 2008, I spent 20 years with an office REIT in various capacities. My experience there included site acquisition and building development. My involvement in all areas of real estate from market analysis to building design process to product delivery, including leasing, property and asset management, allows me to provide unique benefits to my team at Colliers International Northeast Florida. My expertise lies in problem solving, sales strategy, transaction management, construction management, and assisting owner and tenants in achieving goal-oriented results using best-in-class practices.

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Matt Entriken

Vice President

Jacksonville

Matt has over 18 years of experience in commercial real estate in Northeast Florida. He has completed sales and leases totaling more than $550 million in the disciplines of retail, industrial, office and land. 

His brokerage activities are focused on site selection, asset acquisition, disposition and leasing with an emphasis on retail and office properties.

 

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Matthew Clark

Senior Vice President

Jacksonville

Matthew has experience with a broad spectrum of retail and office real estate product types, including urban retail streets and districts, New Urbanism developments, mixed-use developments, traditional strip malls, and grocery-anchored community centers. From multi-level marketing campaigns for retail and office assets to detailed operational analyses and strategic repositioning of underperforming assets, Matthew provides professional services that enable landlords to realize the highest value for their office or retail properties.

Prior to joining Colliers International, Matthew served for more than a decade as Senior Vice President at Jacksonville-based Prime Realty. There he oversaw combined sales and leasing transactions of more than $250 million over an aggregate 1.5 million square feet.

Matthew’s office portfolio at Prime encompassed some 330,000 square feet with a focus on urban-infill opportunities. There he worked with landlords to reposition and rebrand office assets for growth in occupancy rates and market value. He also helped tenants spanning multiple industries negotiate leases and prepare for acquisitions.

Likewise, in retail settings, Matthew was instrumental in repositioning markets and assets to garner higher rental rates. In Jacksonville’s Five Points submarket, his work with new local and regional tenants realized a 167 percent rent increase over a five-year period. He also assisted in site selection on behalf of a diverse portfolio of regional- and national-name tenants.

Before joining Prime, Matthew served as Program Manager at Ponte Vedra Beach-based MarketingExperiments, the first internet-based marketing research lab. There, he and his team optimized marketing and sales processes on behalf of companies such as Royal Bank of Canada, Reuters, the New York Times and Schlumberger. Prior to that, he developed and implemented marketing strategies and digital tools to showcase residential properties for The Vestcor Companies.

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Fran Pepis

Associate Vice President

Jacksonville

Fran started her real estate career in 1988 as a business consultant to real estate firms in Florida.  She developed business strategies and play books on growth and profitability to assist and accelerate growth within these firms.      With over 33 years’ experience as a Commercial Real Estate Professional her focus is on Healthcare, Medical, Non-Profits, Investors and Office Tenants.    With her educational background in finance her strengths are in negotiating complex sales and leasing transactions, financial analysis, site selection, contract negotiations, business development, identifying   economic development opportunities; market conditions and trends and long-term financial planning for her clients.   Because she understands her clients, their short-term needs, and long-term goals, she is considered one of the most well -respected Brokers in her field.  Fran takes a hands-on approach to her clients’ real estate needs and not only assist the TEAM but becomes one of the TEAM members.

Fran works closely with Healthcare & Medical Owners/Tenants, Nonprofit Organizations, Professional Clients, Administrators, Facility Planning Departments and Real Estate Departments to create and maximize value by securing strategic cost-effective solutions.   Her clients typically face issues of growth, consolidation, inflexible landlords, staff and/or patient logistical concerns and facility obsolescence. 

My approach has always been to find solutions and opportunities by first listening to my clients and then to best assist them in reaching the most optimal outcome.  I become a real estate partner and an advocate for my clients’ interest and stay with them throughout the entire process.  I provide a critical link to resources and services which makes the entire transaction flow smoothly.

Over the last several years, Ms. Pepis has closed on $900 Million in sales and leasing transactions and has leased over 1.5 MSF of commercial space. Throughout her 33 years in commercial real estate, she has been fortunate to work with a number of local, regional, national and international investors, owners/users and tenants.

 

 

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