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