Jacksonville industrial real estate market reports

Q1 2023

Robust demand continued to fuel the Jacksonville industrial market in the first quarter, with leasing activity increasing by 11% from the fourth quarter, totaling 2.1 million square feet (msf). There are large warehouse deliveries on the horizon, totaling 4.7 msf by the end of 2023. Vacancy rates continue to sit around historic lows due to inventory shortages paired with strengthening demand.


Leasing activity

Leasing demand increased slightly by 11.5% from the fourth quarter of 2022; however, was still down 17% from post-Covid averages.

4.7 msf


Industrial buildings over 250,000 square feet (sf) are on the rise, amid surging demand, as 47% of the leases within the last year have been over 100,000 sf.



Vacancy rates within the 100,000 to 250,000 and above 250,000-sf ranges rose due to eight large deliveries totaling 2.3 msf. The overall vacancy rate for the Jacksonville industrial market was at 2.4% for the first quarter.

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