Urban and suburban office leasing trends contrast in Jacksonville - United States
Urban and suburban office leasing trends contrast in Jacksonville
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.