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

graph of 2023 average asking rent per square foot FS in Jacksonville office submarkets and rent growth from Q3 2019 to Q3 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.

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US-FL-JAX Jacksonville