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Q4 2021 Jacksonville Office Market Report

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Jacksonville’s office market is moving forward, however, the acceleration of activity we saw earlier this year has been somewhat tempered by the holidays and the emergence of the Omicron variant. Occupiers haven’t necessarily reversed their plans to occupy more space but seem to be slow-playing things as we make our way thru this variant. Fortunately, we haven’t seen any wholesale rethinking of space requirements like we did in 2020. People are growing more accustomed to the idea that COVID will be around – perhaps forever – and we need to learn how to live with it. For now, much of the large block interest we are seeing is coming from users looking to purchase buildings and occupy all or part of them. With pricing depressed and interest rates still low (but not much relief on rents), many capital-rich occupiers are finding this to be a sensible option. Medical users are also quite active as they scramble to keep pace with the burgeoning population in Northeast Florida.

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Q4 2021 Jacksonville 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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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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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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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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