Jacksonville office market reports
Office insights Q2 2021
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Leasing interest is picking up in Jacksonville and employment within the Financial Activities has grown by 6.5% since the beginning of the pandemic. Sublease opportunities will continue to come on the market for the remainder of the year, coming primarily from large corporate users looking to downsize their footprints.
Economic Conditions
Office-using job gains, compared with 3.1% for other industries’ job losses, underscoring the disproportionate impact the pandemic had on the discretionary segments of the local economy.
Recovery Rate
Florida’s rank in a WalletHub study of the top U.S. states for their rates of recovery, with industries gaining the most jobs over the year including leisure and hospitality, professional and business services, and trade, transportation and utilities.
Office Demand
A majority of current leasing activity is comprised of smaller deals under this threshold, requiring multiple deals to backfill larger floor plates that have been placed on the market.
Office Supply
Total amount of vacant sublease space on the market in Jacksonville. Many sublease listings are comprised of larger blocks of space, the most notable of which is 500,000 sf through Florida Blue.
Pricing Trends
The increase in base rents from peak-to-trough as landlords have secured new tenant commitments and lease renewals through favorable lease provisions. Much of the increase is due to an increase in higher-priced class A space.
Captial Markets
Total office investment volume (in millions) in Jacksonville for the period from Jan 2020 through Jun 2021. The most prominent sale during 2Q 2021 was the acquisition of the 218,700-sf Town Center II building in Deerwood Park by Dun & Bradstreet for its newly announced Jacksonville HQ.
Your source for the latest Jacksonville office market reports
Get in-depth office market reports and insights from commercial real estate experts in the Greater Jacksonville area. Avison Young advisors look at Jacksonville commercial real estate activities and the latest Jacksonville statistics to provide you expert market research on Jacksonville's office properties.
Explore different topics like the latest office market pricing trends and analysis of Jacksonville's current office real estate market conditions. Gain a better understanding of Jacksonville’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Jacksonville's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Jacksonville.
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