THURSDAY July 23, 2020
Mathis Report: October start date for Lane Industrial Park PAGE 3
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Daily Record JACKSONVILLE
COMMERCIAL DEVELOPMENT OUTLOOK JACKSONVILLE
RNC ‘is going to happen,’ official says
Daily Record IT’S NOT ALL BAD The economy enters into a recession because of What experts COVID-19, but some projects are moving forward. JACKSONVILLE are saying
Jacksonville 2020 Host Committee president offers insight to Southside Business Men’s Club.
Daily Record Daily Record INDUSTRIAL MARKET
BY MIKE MENDENHALL
“Industrial real estate is well positioned to weather the storm.” JLL
STAFF WRITER
OFFICE MARKET
“Tenants have taken a wait and see approach during Q2 2020 as furloughs and layoffs started occurring.” CBRE
JACKSONVILLE RETAIL MARKET
NEW JEA HQ TO BEGIN CONSTRUCTION
“This sector is likely to be among the hardest hit by the coronavirus pandemic.” NAI Hallmark
Ryan Companies US Inc. says construction will begin in August on JEA’s new headquarters at 225 N. Pearl St. near the Duval County Courthouse.
CAPITAL MARKETS
Photo by Monty Zickuhr
BY KAREN BRUNE MATHIS EDITOR
J
acksonville’s commercial real estate market experienced an unexpected development in the first half of the year, which started with strength and the main question being the effect of the November presidential election. As has been said, then came March. “Virology, not the business cycle, has dictated the course of the world’s economy this year,” said CBRE in its second-quarter Marketview research report. Major commercial brokerage firms
reported second-quarter Jacksonville market conditions that summarized the unpredictability of the January through June period of 2020. March marked the end of the first quarter. The National Bureau of Economic Research declared June 8 that an economic recession began in February. That concluded almost 11 years of expansion – the longest on record – since the Great Recession ended in June 2009. “The COVID-19 pandemic struck the U.S. in March 2020, late in the quarter with enough time to have a significant impact SEE MARKET, PAGE 7
“Our experts believe we will see a surge in demand for highvolume transactions in the coming year from fund buyers that need to place their money.” Colliers International DOWNTOWN “The market’s more traditional CBD submarkets of Downtown Northbank and Downtown Southbank have also enjoyed large rent gains in recent years ... as interest has reemerged for the downtown core.” CoStar, Newmark Phoenix Realty Group
MORE FROM THE MARKET REPORTS, PAGE 4
Jacksonville 2020 Host Committee President Trent Morse said the Aug. 24-27 Republican National Convention in Jacksonville “is going to happen,” despite questions about its viability. Morse addressed security concerns and offered insight into the convention in a speech July 22 to the Southside Business Men’s Club at the San Jose Country Club. “There’s a question about security and whether or not the convention is going to happen. I can tell you right here, right now, the convention is going to happen,” he said. “The president is going to accept his nomination in Jacksonville on Thursday night.” Morse said the host committee expects 7,500 delegates, alternates and their guests to watch President Donald Trump give his acceptance speech Aug. 27. Morse said about 2,500 people will hear speeches from the Trump family, First Lady Melania Trump and Vice President Mike Pence, respectively, the first three nights of the RNC. Morse said the RNC host committee didn’t know in advanceabout the security concerns of Jacksonville Sheriff Mike Williams, who told reporters July 20 there wasn’t enough time, money or officers to keep everyone safe during the convention. “Regardless of what happened on Monday, it’s unfortunate that that was said without us being aware of it,” Morse said. “Again, we’re going to get there.”
MMENDENHALL@ JAXDAILYRECORD.COM (904) 356-2466
THE BASCH REPORT
Contact lens sales fall 34.1% in second quarter Plus: Duos Technologies CEO retiring. PAGE 6 VOLUME 107, NO. 161 • TWO SECTIONS