Jacksonville Office Market Reports | Avison Young US - Jacksonville
Jacksonville office market reports
The unemployment rate in Jacksonville experienced a marginal uptick to 3.2% at the end of August 2023, yet was still lower than the national unemployment rate of 3.8%. Professional and business services employment exhibited a year-over-year growth of 4.4%, while the financial activities sector experienced a 3.5% increase during the same period. Prominent trends during the third quarter included a decrease in the average sale asking price, a simultaneous increase in availability coupled with a decline in vacancy rates, and a modest increase in absorption, marking Jacksonville’s highest annual figure in several years.
Asking rent rate
The average asking rate per square foot for office buildings declined to its lowest point since 2020, suggesting that sellers may be adjusting their expectations.
As tenants continued to rightsize their space requirements in the third quarter, office availability rose to 26.1%, totaling 6.8 million square feet.
Despite a decrease in net absorption in the third quarter, the year-to-date net absorption of 269,000 square feet is the highest annual figure since 2017.
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.
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