- Tom Silva
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Jacksonville Industrial Market Poised to Become the Nation’s 10th Largest
According to market research from Colliers Dickinson, Jacksonville’s industrial market is thriving, thanks to its first-rate transportation infrastructure — consisting of the JAXPORT deep-water port, an international airport, three railways, three interstates and several major highways. Industrial vacancy rates are the lowest they’ve been in five years, rents and property values are soaring. With the fourth-quarter of 2008 completion of Japanese shipper Mitsui O.S.K. Lines’ TraPac Container Terminal east-coast hub, Jacksonville will acquire a coveted direct link to lucrative East Asia trade markets.Port officials estimate that by 2011, approximately 1.6 million 20-foot container units will move through Jacksonville annually. That will double the city’s current cargo traffic; future growth could make Jacksonville the third largest east-coast port in 15 or 20 years. Additionally, Jacksonville has the potential to become the nation’s 10th largest port. Thanks to this enhanced capacity, demand for bulk-distribution space is soaring. An additional five to eight million square feet of bulk warehouse space will be needed within just one year of the TraPac Terminal’s completion.