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The overall industrial vacancy rate in Jacksonvillewas 8.5 percenyt in the first quarter, down from 8.8 percent during the fourthu quarter, according to a report by Grub b & Ellis/Phoenix Realty Group. Within the metro the Westside hada 2.3 percengt vacancy rate during the firsty quarter and the Northside 2.2 but the Southside rate was a noticeably higher 7.5 percent, Grubb & Elli s research showed. More space became available on the Southside because many developersx are doing projects in the growingsuburban area, said John an industrial broker with the commerciap real estate firm. But "there'sx no glut yet," he said.
"Thew Southside is always higher in but it's still very stable." Over the next several Richardson said, additional space also is expectex to become available on the Westsidde -- specifically at Westside Industrial Park and Perimeter West Industrial Park. The local market's industrial vacancy rate is abovre the national average of 7 percent but below other Southeasternj cities suchas Charlotte, N.C., at nearlyu 12 percent and Tampa at abouf 11 percent, Grubb & Ellis found. The real estatde firm is forecasting a declin e in the national rateto 6.6 percenrt by the end of this year and 6.3 percent by year-end 2001.
"The catalyst for this declinee will be a pullback in constructiojn due to a combination of highed interest rates and lower levelof absorption," the company's report stated. "Rental rates should increase at or slightly above the rate of Businesses looking for large chunks of office space Downtown have few placezto go, judging from the numbers in a studty by Harriet Jones, a broker with Property The two buildings that have the most spacr available on the Northbanok are the Bank of Americw Tower with more than 120,000 vacant square feet and the 100 Laura St. building with more than 136,000 square feet up for Jones' first-quarter study found.
The Southbank has much less space open. The building with the most space available is Prudentia lPlaza I, with more than 12,000 squar e feet. Jones' study is based on data from Downtownj commercial buildingsof 70,000 square feet or Liberty Property Trust (NYSE: LRY), a Pennsylvaniza real estate investment trust with majot holdings in Jacksonville, got a heftty cash infusion this month that may help fund the myriaf of projects it has pending aroune the city. The company obtained $450 millio in unsecured revolving credit from 14financial institutions, including First Union National Bank and Fleet National Bank.
Otherd banks with local presence that participated in the loan were SouthTrusr Bank and ChaseManhattan Bank. Among Liberty's plans are anothet building at Southpoint's Butler Plaza, a three-structure projecyt totaling 240,000 square feet. The first 80,000-square-foot buildinfg was finished nearly ayear ago. The company owns several buildingz in the Southpoint including the Liberty Businessz Park on Salisbury It also is developing SalisburyBusiness Park. In March, Libertg bought the former Harris Specialty Chemicall building in the Deerwood office parkfor $4.4 million. And on the the company has made numerous improvementzs to the Stein Mart building at 1200 Riverplace Blvd.
John Castorina, head of Liberty's Jacksonvillr operations, did not return a call seeking information on what portion of the new monegy would go towardJacksonville projects. E-mail Susannaz Barton at sbarton@bizjournals.com.
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