For Grubb & Ellis|Phoenix Realty Group, the past year brought some welcome changes. There was a noticeable increase in sales and leasing activity, and a drop in vacancy rates across all market disciplines. The company brokered a notable number of transactions throughout the year.
"We are encouraged as the Jacksonville commercial real estate markets strengthened considerably this past year compared to a depressed 2011," said President and Principal John Richardson. "Overall lease rates are increasing, concessions are falling in both industrial and office space, and we expect this healthy trend to continue into the next year."
Major transactions in 2012 brokered by Grubb & Ellis|Phoenix Realty Group include:
- The lease of a 290,000-square-foot property for Bacardi in the One Imeson distribution facility in the Northside of Jacksonville.
- The sale of the 289,000-square-foot former Mercedes Benz distribution facility to COFE Properties.
- The sale of a 240,000-square-foot distribution facility to Dalfen America at Imeson International Industrial Park.
- The office lease of 14,649-square feet to Patriot Transportation for their headquarters in the Downtown Jacksonville BB&T Tower.
- The office lease of 18,000-square feet to Raymond James in the 245 Riverside Building.
- Five separate transactions with First Citizens Bank.
Richardson and CEO and Principal Jim Sebesta are confident 2013 will bring further strengthening of the markets throughout Jacksonville including increased activity in the Class B office market and in Downtown Jacksonville as more large blocks of space exist there than any other submarket in Jacksonville.
"We anticipate selective build-to-suit projects will appear in the absence of large blocks of suburban office space, and we do not see any market for speculative office or industrial development as current market lease rates do not justify breaking ground on additional space," said Sebesta. "Lease rates should continue rising in the Class A office market and there will be vacancy improvements in Class B and C office space."
Grubb & Ellis|Phoenix Realty Group is a locally-owned commercial real estate company offering brokerage, development, asset management and property management services. For more information, visit www.phoenixrealty.net or call (904) 399-5222.
About Grubb & Ellis|Phoenix Realty Group
Grubb & Ellis|Phoenix Realty Group is a locally-owned commercial real estate company offering brokerage, development, asset management and property management services. Founded in Jacksonville, Fla. in 1993, Phoenix Realty Group joined Grubb & Ellis commercial brokerage network as a national affiliate in 2000. In April 2012, BGC and Newmark Grubb Knight Frank combined resources to create a major force in the real estate market meeting the local and global needs of tenants, owners, investors and developers worldwide.