Jacksonville industrial real estate market reports

Q2 2023

The Jacksonville industrial market offers cost-effective options relative to other markets in Florida, despite witnessing an increase in the average asking rate. Although there has been a slight decline in industrial demand partnered with a slight uptick in vacancy, Jacksonville has still experienced positive net absorption year to date, indicating continued interest from tenants. Moreover, construction materials have started to decrease, presenting favorable conditions for future development in the region.

$5.95 psf

Average asking rate

Despite the average asking rate in the Jacksonville industrial market increasing 7.7% year over year, it remains one of the most cost-effective markets in Florida.

1.5 msf

Net absorption YTD

Jacksonville has experienced a slowdown in industrial demand and a slight increase in vacancy rate.

-2.5%

Construction material costs

Construction prices have started to soften after witnessing a substantial rise during the pandemic, creating opportunities for increased development moving forward.

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