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2020 Q4 Northeast Florida Office Market Report

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Needless to say, the office market has been a challenging one...

Needless to say, the office market has been a challenging one for most of 2020 and we see the challenges continuing on a macro level for at least another year. Almost every tenant in the market is reevaluating its space needs and some are eliminating their offices completely. This is evident in the availability rate, which has increased 300 bps since first quarter. It is also visible in the sublease inventory, which likely stands around 2.5 million square feet or more – 3-4 times the typical inventory. Leverage has unquestionably shifted to the tenant and it will only continue to do so as the vacancy rate continues to increase and market rent deteriorates.

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2020 Q4 Northeast Florida Office Market Report

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Related Experts

Chuck Diebel

Executive Director

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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Wade Powers

Senior Director

Jacksonville

My current brokerage practice is focused on corporate services, providing real estate consultation to public and private entities. One of my largest accounts is the local transportation entity, the Jacksonville Transportation Authority. I manage both their surplus disposition efforts and their acquisition strategy. Their portfolio is valued at over $30 million. I provide a wide range of services, including but not limited to property sales, property acquisition, market analysis, lease analysis, government affairs and general market intelligence. I am frequently involved with executive level discussions and interact with their Board regularly. Additionally, I represent the St. Vincent’s Hospital Ministry for Ascension Health here locally. I manage dispositions, acquisitions and their income and expense leasing activities. My largest national account is Torchmark/Liberty National. I work with their Director of Real Estate to identify new office space for their insurance brokers across the country.

I am a native born JacksonvillIian. I attended Stanton College Preparatory School before graduating from Florida State University in 1997 with a B.S. in Political Science. After school, I moved to Washington, D.C. to begin a career in politics. After stops in multiple Congressional offices, the Republican National Committee, FEMA and a government affairs firm, I was given the opportunity to begin a career in real estate back home in Jacksonville in 2005. Working for a small development firm, we  developed 50,000+ square feet of Class A  office condominiums throughout Northeast Florida. I was the lead on bank and investor negotiations for investment capital and loan arrangements.

I was called to duty once more in D.C., taking a position as Executive Director of the U.S. Chamber of Commerce Political Affairs Department from January 2012 until October 2014. I managed the program’s voter education campaigns and political intelligence gathering.

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Matt Entriken

Executive Director

Jacksonville

Matt has over 15 years of experience in commercial real estate in Northeast Florida. He has completed sales and leases totaling more than $400 million in the disciplines of retail, industrial, office and land. 

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

 

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Fran Pepis

Senior Director

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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Matthew Clark

Senior Director

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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Christian Oldenburg

Executive Managing Director, North Florida

Jacksonville

Christian Oldenburg is a dynamic commercial real estate executive with 17 years of experience and total transaction involvement in excess of $1 billion. As the Managing Director of Colliers International Northeast Florida, Christian is responsible for all aspects of Colliers’ operations in the North Florida region, with a focus on financial management, development of human capital and new business generation. Christian leads a team of 35 brokers and 15 support staff who are focused on advising clients who wish to sell, purchase or lease retail, office, medical, industrial, land and multifamily assets. Christian also collaborates with the firm’s Real Estate Management Services and Valuation and Advisory divisions on identifying and sourcing new business opportunities.


Christian’s real estate career began with Northmarq Capital as an Investment Analyst, a role in which he assisted in placing more than $350 million in debt and equity financing. He further developed his career with Regency Centers, where he held multiple financial and operational roles over his ten-year tenure culminating as Vice President of National Property Operations. Most recently Christian served as Senior Vice President of Block One Ventures – the real estate investment arm of a significant local family office. In that role, he oversaw all aspects of the company’s operations with a focus on ground-up development and asset management of land and multifamily assets valued around $300 million.

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