Jacksonville industrial real estate market reports

Q3 2021

Leasing activity remains solid in Jacksonville even as a shortage of high-quality distribution buildings with large blocks of available space remains an issue. Investors continue to scour for opportunities, particularly proximate to the port, however, there are few assets currently being marketed to sate investor appetite.


Economic conditions

Jacksonville’s current unemployment rate, which has been falling steadily and is down 720 basis points from the height of the pandemic.


Recovery rate

The percentage of jobs the state of Florida recovered during the pandemic as of August 2021, totaling 974,000 in number.


Industrial demand

The amount of leasing activity recorded so far during 2021 compared to all leasing volume during 2020, indicating healthy demand and strong sector fundamentals.


Industrial supply

The total amount of square footage under construction in Jacksonville. Developers remain attracted to the Jacksonville area, particularly the Northside and Westside, due to the area’s logistics infrastructure, including the growth of the port and its pivotal location in the Southeast.


Pricing trends

The increase in base rents since the start of the pandemic, which have generally remained on an upward trajectory for the last decade.


Capital markets

Total industrial investment volume in Jacksonville year-to-date. Investors are attracted to the sector’s strong post-pandemic fundamentals. An influx of investors continue to seek properties that can accommodate the rise of e-commerce distribution, although there is a shortage of high-quality assets on the market.

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