- LEASING ACTIVITY SLOWED
Jacksonville began 2023 with 208,000 SF of leasing activity during the first quarter, down 63.0% YOY as national economic uncertainty fueled the drop in activity seen so far.
- VACANCY IMPROVED
Overall vacancy finished Q1 at 19.7%, down 100 BPS YOY. The 34,100-SF occupancy of Geico into Deerwood South impacted the change most heavily in Q1.
- AVERAGE RENTS SAW FIRST TICK DOWNWARD
Overall asking rents for office space rose 1.8% YOY to $22.69 PSF FSG but were down 0.4% from 2022’s year-end value.
- SUBURBAN & QUALITY LED DEMAND
Suburban leasing accounted for 72.5% of new deal volume in the first quarter. Leasing totals leaned slightly towards flight to quality with 59.7% of new deals signed in Class A assets.
- EMPLOYMENT UP ANNUALLY
Jacksonville employment grew by 42,800 nonagriculture jobs, or 5.6% YOY. The unemployment rate was 2.5% in February 2023. Office using employment gained 15,200 new jobs, a 6.9% rise.
Jacksonville Office Fast Five Facts
Cam Sousa • 5/11/2023
What You Need to Know in Today's Jacksonville Commercial Real Estate (CRE) Office Market.
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