Report: Jax commitment to building warehouse space ‘ideal for supply chain distribution’ (Courtesy of the Jacksonville Business Journal) — Jacksonville has more warehouse and distribution space under construction than any of the other major metro areas in Florida, according to a Cushman & Wakefield report on the state’s ports.
Jacksonville is erecting 4.35 million square feet of warehouse space, compared to 3.91 million square feet in greater Tampa Bay; 2.82 million square feet in Orlando and along the Space Coast; 954,000 square feet in Broward County; 594,000 square feet in Miami and 489,000 square feet in and around the Port of Palm Beach.
Renting that space is, for now at least, cheaper than anywhere in the state: The report indicates direct rental rates for warehouse and distribution space on the First Coast are $5.27 per square foot, 46.3% cheaper than the Orlando/Port Canaveral region ($7.71); 22.7% lower than Tampa Bay ($6.47) and nearly half the price of Broward County/Port Everglades ($10.58) – the latter of which is the only other port that moved more than one million TEUs in 2021.
The report comes as the state’s 15 ports look to capitalize on snarls in the supply chain.
Michael Rubin, CEO of the Florida Ports Council, noted the supply chain challenges are not a new issue. What is new is the attention those slowdowns have received outside the logistics industry. He noted Florida challenging California ports is a multi-pronged approach.
“There are a host of efforts you have to push,” Rubin told the Business Journal earlier this month. “Part of that is a marketing push. Part of that is making sure our elected officials, not only here (in Tallahassee) but in Congress understand it. The message, that we need to continue to beat the drum. That’s what we’re going to do.”
Jaxport’s $16.5 billion in exports surpasses the $14.3 billion exported from Port Miami and $9.1 billon from Port Everglades in Fort Lauderdale. The Cushman & Wakefield report adds that Jacksonville’s diverse port facilities, multiple interstate connections and Class I rail line are “ideal for supply chain distribution.”
Jaxport CEO Eric Green wholeheartedly agrees. He believes the way, Jaxport can grow its throughput is by collaborating with its Sunshine State peers.
“When you collectively look at the overall container volume, you look at the container growth, you look at the market share. I think, in the state of Florida, we are competing,” Green said. “Jacksonville, Port Everglades and (Port) Miami push well over three million TEUS a year, which is shouting distance of what Georgia does. …When I think about our port, we’re not trying to be Savannah. We’re trying to be the best niche port we can be.”
Photo courtesy of JAXPORT