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jjoshjl

Office Space

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So, the new Kuhn purchase of Suntrust+lot is extremly cool, but there is one glaring problem. We still have a very bad office space problem. We probably wont see Kuhn do any sort of Office tower, though I would love to see a new one go up. (to be quite honost, the suntrust building is my favorit in Jax) ANYWAY...

So, if he builds a new tower it will mroe than likly be residential. All for that, but we still ahve the office space problem

Sooo...

what do you guys think is the best way to get the current office space used to the point where there is a demand...

And thus...

New Office Towers...

Cheers

Josh

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With the influx of residential towers already happening, the office space vacancy rate will decrease. Now would actually be a good time to design and prepare a new office tower (or mixed use) to help keep the balance 4-5 years from now.

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Easy. Converting former vacant office space into residential use (ex. 11 East, Jax Telecom Building, Laura Trio) or hotel use is the way to go. Not only do you raise the value for remain office space, by shrinking the available supply, you also put more residents into the core.

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I agree that residential is the key for downtown. I think that business can locate anywhere, so if you have downtown become the place to be, business may be more likely to relocate there. The way to accomplish this is to bring in residential, followed by more retail, followed eventually by more office towers. This is the theory anyway. :)

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I basically agree with everyone so far. jjoshjl's question - boiled down to it's most basic element - is "how will downtown continue to grow?"

The answer, is of course, by maximizing growth in a high-demand area. For Florida, that is residential, residential, and more residential. That's our strength right now. We can only hope that large residential growth will create critical mass that will spill-over into office.

However, don't expect too much office development in the forseeable future (i.e. the next 10-15 years). Keep in mind that market appriasal studies released in 1999 indicated that Downtown Jacksonville would have around a 1 million square foot absorption for 2000-2010, and then again for 2010-2020. With St. Joe, Fidelity, The Shipyards proposal, Kings Ave. proposal, 323 Duval proposal, etc ... we are well on our way to beating those estimates. So the market really shouldn't have room for but a few more proposals in the comming years.

Two x-factors in all that are 1) if the city keeps consolidating in the core, that could improve the absorption schedule, and 2) incentives used to lure massive out-of-town companies (like fidelity) to build their own buildings wouldn't really be subject to the same market rules either.

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