Gainesville office market report
Q2 2023
Gainesville’s office market experienced a slight decrease in leasing activity in the second quarter amid economic tightening; however, with the substantial presence of research and technology enterprises, the market is expected to show more resilience than others. Job growth rate continues increasing as influences such as a growing resident population factor into the rise of employment opportunities. The pace of investment sales in Gainesville is anticipated to maintain subdued throughout the remainder of 2023, awaiting the emergence of positive economic developments.
Leasing activity
Office leasing activity in Gainesville has witnessed a minor deceleration compared to the midpoint of 2022, marking a 16% decrease equivalent to 52,362 square feet.
Job growth
The job market in Gainesville has experienced significant expansion due to influences such as its identity as a university-centered city, the continuous growth of healthcare and technology domains, and an increasing resident population, leading to a 3.6% employment increase year over year.
Sales volume
Amidst economic headwinds, investors encountered uphill struggles in securing lending due to the persistent rise in interest rates. At the end of the second quarter of 2023, office investment sales aggregated to $4.8 million.
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