Urban and suburban office leasing trends contrast in Jacksonville

graph of the average months on market for urban office properties vs. suburban office properties in Jacksonville from 2017 to 2023
  • The Jacksonville office sector revealed a noteworthy demand discrepancy between urban and suburban markets in 2023, with urban properties exhibiting an extended leasing period in contrast to suburban properties.
  • At the end of the year, properties in urban areas were experiencing an average time on market of 23.3 months, which is 51% longer than the 15.4-month average in suburban markets.  
  • Nevertheless, urban properties witnessed a 19% year-over-year reduction in the average months on the market in 2023, indicating a potential change in future leasing trends.

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US-FL-JAX Jacksonville