FOR SALE $350,000 $300,000

Transcription

1 MEDICAL OFFICE CONDO 4123 UNIVERSITY BLVD. S, UNIT E JACKSONVILLE, FL FEATURES GREAT LOCATION CONVENIENTLY LOCATED ON UNIVERSITY BOULEVARD IN CLOSE PROXIMITY TO MEMORIAL HOSPITAL +/- 1,842 SQ. FT. IN THE UNITED PROFESSIONAL OFFICE COMPLEX FEATURING WAITING ROOM, RECEPTION, 4 EXAM ROOMS, CONSULTATION ROOM, 2 OFFICES, LAB AND 2 ND STORY LOUNGE AND STORAGE AMPLE DEDICATED PARKING PARCEL#: FOR SALE $350,000 $300,000

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3 ENTRANCE WAITING ROOM

4 RECEPTION EXAM ROOM

5 LAB OFFICE

6 SUB-MARKET REPORT OFFICE Submarket Overview The Southside/North of Turner-Butler Boulevard submarket, one of eight distinct geographic concentrations within Jacksonville, contains 4.3 million market rate rental square feet, or 17.2% of the metro's total inventory of office space. In the nine-year period beginning with Q1 2008, new additions to the submarket totaled 56,000 square feet, while 221,000 square feet were removed by developer activity. Asking and Effective Rent Asking rents finished the fourth quarter of 2017 unchanged at an average of $18.96, a level surpassed by four of the metro's eight submarkets. Since the same reporting period last year, asking rents have edged higher by 0.4%, up from $ The Southside/North of Turner-Butler Boulevard submarket's current asking rent levels and growth rates compare unfavorably to the metro's averages of $19.57 and 0.5%. Effective rents, which exclude the value of concessions offered to prospective tenants, fell by 0.1% during the fourth quarter to an average of $ Competitive Inventory, Employment, Absorption Total employment in the Jacksonville metropolitan area decreased by 150 jobs during the fourth quarter, while in the dominant office-using industries, employment remained essentially flat. Although quarterly employment changes may not have an immediate impact on lease rolls, it is prudent to consider longer-term economic and demographic performance as a factor affecting current demand for office space. Since the beginning of Q1 2008, the average growth rate for office-using employment in Jacksonville has been 1.0% per year, representing the average annual addition of 2,200 jobs. Over the same time period, the metro recorded an average annual absorption rate of negative 170,600 square feet. Although metropolitan absorption totaled 113,000 square feet during the fourth quarter, the Southside/North of Turner-Butler Boulevard submarket did not contribute to this demand; in fact, tenant outmigration returned a net total of 4,000 square feet to the available stock. The fourth quarter's negative absorption in the submarket follows 13,000 square feet of positive absorption observed in Q Over the last four quarters, submarket absorption totaled 4,000 square feet; by comparison, the average annual absorption rate recorded since the beginning of Q is negative 46,700 square feet. The submarket's average vacancy rate drifted upward by 10 basis points during the fourth quarter to 19.9%, which is 0.2 percentage points lower than the long-term average, and 2.3 percentage points lower than the current metro average. Outlook Over the next eight quarters, developers are expected to deliver a total of 10,000 square feet of office space to the submarket amounting to 4.3% of the new construction introduced to Jacksonville. Office employment growth at the metro level over the same period is anticipated to average 2.1% annually, enough to facilitate an absorption rate averaging 68,000 square feet per year. The Southside/North of Turner-Butler Boulevard submarket, however, will experience negative absorption averaging 14,000 square feet per year. The submarket vacancy rate will finish 2018 at 20.3% and will rise 0.5 percentage points to 20.8% by year end On an annualized basis through 2018 and 2019, asking and effective rents are projected to increase by 0.6% and 0.5%, respectively, to finish 2019 at $19.18 and $14.73.