Which Jacksonville office submarket experienced the most growth from 2019 to 2023?

• From the third quarter of 2019 to the same period in 2023, Jacksonville’s office market experienced a steady 9.7% increase in average asking rents, reaching an all-time high of $22.64 per square foot (psf) FS at the end of the third quarter. Notably, certain submarkets have outpaced others in terms of growth.
• The I-95/9A Corridor stands out as a cost-effective option for tenants, offering asking rents below the overall market average at $22.54 psf FS. This affordability has fueled sustained leasing activity in the submarket, exemplified by a significant 61,000-square-foot lease inked by HD Supply in November.
• The Beaches submarket unsurprisingly leads the way in average asking rate at $39.47 psf FS. Impressively, it has also experienced a remarkable 35.6% surge from 2019 to 2023, emphasizing the allure for tenants.

December 19, 2023

Additional resources

• Tenant demand within Jacksonville's financial sector drives up office asking rates
• Office leasing activity decelerates in Jacksonville, exerting a dampening effect on job postings

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