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Commercial Development Outlook: Rebound and expansion in Northeast Florida | Jax Daily Record | Jacksonville Daily Record

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Northeast Florida’s commercial real estate market has been adjusting to the growth and demand resulting from the pandemic, including changes in the office workplace.

Some areas, like industrial and retail sectors, are seeing record vacancy rates.

The pandemic began in March 2020. The National Bureau of Economic Research soon announced, in June, that the 128-month economic expansion had ended in February.

The official recession didn’t last long.

In July 2021, the bureau announced the recession ended in April 2020.

That meant the two-month downturn was one of the deepest, but also one of the briefest, in U.S. history.

The Reuters news agency reported the U.S. economy contracted at a record average annualized rate of 19.2% from its peak in the fourth quarter of 2019 through the second quarter of 2020, confirming that the COVID-19 recession was the deepest going back to 1947.

It also reported the pace of…

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