Jacksonville office market reports

Q1 2022

Leasing interest continues to pick up in Jacksonville with the signing of a large 125,000-square-foot (sf) lease in the first quarter of 2022. Activity increased by 42% year-over-year—the same level the market saw before the pandemic.

565K sf

Under construction

There is currently 565,000 sf of class A office space under construction in Jacksonville, and just over 1.5 million square feet (msf) in the pipeline to be delivered within the next three years.

5,507 sf

Net absorption

The first quarter of 2022 yielded positive absorption in the market and a 102% increase year-over-year from 2021.

$22.36 psf

Direct asking rent

Jacksonville’s overall asking rents increased by 7% year-over-year to $22.36 per square feet (psf). Landlords with high-quality class A buildings continue to push rates amid tenant demand for premium office space.

5.6 msf

Availabilities

Office availabilities are the highest the market has seen in 10 years at just over 5.6 msf, with sublease availability accounting for only 15% of the available space. More companies are adopting hybrid work post-pandemic, leading to tenants downsizing their space requirements.

17.7%

Vacancy

Jacksonville’s overall vacancy increased slightly by 3% year-over-year, sitting at 17.7% in the first quarter of 2022. Tenants continue to analyze and discuss their space needs, which has brought more vacant space online.

$164 psf

Investment sales

Office investment sales are off to a slow start so far in 2022 with only $14 million in sales volume, which is a 60% decrease from the first quarter of 2021.

Download Jacksonville Office market report

Your source for the latest Jacksonville office market reports

Get in-depth office market reports 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.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

Get the latest Jacksonville office market reports right in your inbox