Office Stories in North Florida

JACKSONVILLE - Flagler announced that Adecco Group North America, part of the world's largest recruitment and workforce solutions provider, has signed a long-term lease for office space at Deerwood South business park at 10151 Deerwood Park Blvd. in Jacksonville. The 78,292sf lease will commence in the spring of 2011.

Flagler's senior director of leasing, Gary Cox, represented Flagler in the transaction. Jim Sebesta of Grubb & Ellis/Phoenix Realty Group Inc. represented Adecco.

JACKSONVILLE - Flagler announced that Comcast has opened its new Jacksonville headquarters at Deerwood North business park at 4600 Touchton Road in Jacksonville.

In November 2009, Comcast of Greater Florida/Georgia signed an 11-year, $22 million lease with Flagler to occupy the 106,253sf office space. The transaction represented the largest lease by dollar volume to have been completed in Jacksonville during 2009.

As the first quarter of 2010 comes to an end, the office market shows slight signs of the attempts to stabilize. Albeit high, the total vacancy rate stands at 22% - as it did at the end of 4Q09 but a 2.61% increase from 1Q09.

There is 184,387sf of sublease space in the market. When we pull away the sublease space, Jacksonville’s direct vacancy rate shows an increase of 0.5%, putting the direct vacancy rate at 21.3%.

JACKSONVILLE - Eola Capital secured a 77,157sf lease renewal with Vistakon, a division of Johnson & Johnson Vision Care Inc., in the Capital Plaza at Deerwood Park office building, 10301 Deerwood Park Blvd. in Jacksonville. Jim Sebesta of Grubb & Ellis | Phoenix Realty Group represented the tenant, and Michael Loftin, senior leasing associate with Eola Capital, represented the ownership. The property is in the center of the Deerwood Park South submarket.