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​​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.
  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

    BODY-CONTENT-IMAGE--JAX_OFF_1Q23

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