Jacksonville office market reports
Q4 2023
The unemployment rate in Jacksonville witnessed a marginal decrease from the third quarter to 3% at the end of November, yet still outperformed the U.S. national unemployment rate of 3.7%. Nonfarm employment experienced a 3.8% improvement year over year, driven by 4.8% employment growth in the financial activities sector and a 4.4% increase in the professional and business services sector.
Leasing activity in urban submarkets
Urban submarkets witnessed a 92.4% year-over-year surge in leasing, while suburban counterparts experienced an 11.3% decrease, indicating a growing demand for urban spaces.
Average office sales pricing
Office sales pricing in Jacksonville witnessed a year-over-year decline of 14%, reaching an average of $160 per square foot (psf) in 2023. This figure represents the lowest observed in the market since 2020.
Net absorption
The fourth quarter resulted in just over -255,000 square feet of net absorption. Despite this, the overall absorption for the year remained positive at 13,727 square feet.
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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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