Gainesville office market report

Q4 2022

Gainesville’s office market remains healthy with a significant uptick in leasing activity and office development. Although sublease space came back onto the market in the latter half of the year, direct vacancy has been on the decline and fundamentals are strengthening.

76,250 sf

Under construction

There is currently 76,250 square feet (sf) of office space under construction in Gainesville, all of which is within in the Alachua/Life Science submarket.

+5.6%

Job postings

Job postings within the banking, finance, insurance and real estate sector grew 5.6% year-over-year.

2.6%

Unemployment

Gainesville’s unemployment rate as of November 2022 was 2.6%, dipping below the pre-pandemic level of 2.7% in November 2019.

1.7%

Vacancy

Sublease vacancy as a percent of inventory increased 80 basis points year-over-year to 1.7%.

$21.04 psf

Direct asking rent

Since year-end 2021, direct average asking rent in Gainesville is up 6.1% at $21.04 per square foot (psf) (FS).

$10.5M

Funding

VC funding raised $10.5 million within the tech sector in Gainesville during 2022.

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