- 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.
MarketBeat • Insights
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.Eric Messer • 4/18/2023
MarketBeat • Office
Access the latest quarter commercial real estate results for the office sector nationally. Marketbeat analyzes quarterly market activity including supply, demand and pricing trends.David Smith • 4/11/2023
Insights • Office
Obsolescence Equals Opportunity
Much has been written about the potential death of the office, with justifiable concern that some office properties may never again be fit for their original purpose. Running counter to the doomsday narrative is Cushman & Wakefield’s new publication, Obsolescence Equals Opportunity. In it, we offer a perspective focused on the upside potential for owners who are able to meet the market’s call to action.Kevin Thorpe • 2/22/2023