.png "More empty spaces but higher rent prices! Find out how Jacksonville's rental market is shifting, and why small businesses are going for smaller spaces this year.")
More empty spaces but higher rent prices! Find out how Jacksonville's rental market is shifting, and why small businesses are going for smaller spaces this year.
in Jacksonville, there are some changes happening with buildings that people can rent. Right now, more spaces are empty, which means the vacancy rate has gone up. It went from 4.3% last year to 5.5% this year. That means more buildings are available for people to rent.
Even though there are more empty spaces, the price to rent a building is going up a little. It’s now about $8.40 for every square foot, which is a bit more than last year.
Some people are taking their time before deciding to rent a space. They’re thinking about what they really need, how the economy is doing, and interest rates.
Interestingly, smaller businesses are renting more this year, but they’re getting smaller spaces compared to last year. The average size they’re renting is about 26,700 square feet, which is a lot smaller than the 54,800 square feet on average last year.
In the last few months, some big companies signed leases for large buildings. For example, Amazon is renting a big place that's over 272,000 square feet!
Reports are saying that the economy is doing okay, and although things are changing, businesses are still trying to grow and hire more people. Overall, they expect the market to adjust and improve over time.
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