Jacksonville office market reports
Q3 2021
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Leasing interest continues to pick up in Jacksonville, particularly for deals between 5,000 and 10,000 sf, and employment within the financial activities sector has grown by 6.7% since the beginning of the pandemic. Sublease space will continue to play a critical role for the balance of the year, but it is beginning to taper off.
Economic conditions
Total office-using job losses in Jacksonville, compared with 0.7% for other industries’ job losses. The financial activities sector has been a bright spot, growing by 6.7% since the onset of the pandemic.
Recovery rate
The total percentage of job losses incurred in Florida during the pandemic that have been recovered.
Office demand
A majority of current leasing activity is comprised of smaller deals under this threshold, with a majority of tenant demand for deals under 5,000 sf.
Office supply
Total amount of vacant sublease space currently on the market in Jacksonville. A majority of the available sublease space is comprised of mid-sized blocks between 10,000 and 30,000 sf situated in high-demand submarkets.
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.
Capital markets
Total office investment volume (in millions) in Jacksonville for the period from January 2020 through September 2021. The most prominent sale during Q3 2021 was the acquisition of the Southside Quarter office building in Deerwood Park by a private real estate company for $43.8 million, or $364 per sf.
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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