NAI Hallmark Q1 2019 Market Report-Jacksonville, FL
Jacksonville has one of the most diversified industry bases in Florida.
Best known for it’s financial and professional business services market, Jacksonville is highly attractive to companies looking for new space as well as expansions across the metro. There continues to be strong growth in the office market thanks to the low cost of business, the potential for growth, and cheaper office rents. Office-using employment is positive, seeing an annual increase of roughly 3% within the decade.
Amidst the struggles in the retail market, the demand for retail space in Jacksonville is on the rise. Retail destinations near the St. John’s Town Center are seeing encouragingly positive absorption rates as well as a steady increase in rent well-above the historical average.
With over 135 million square feet of industrial space and positive inventory growth, Jacksonville remains the fourth largest industrial market in Florida. Industrial vacancy levels remain below 3%, which is third-lowest among the top 50 markets in the United States. Investors attracted to industrial spaces are also taking notice of the market’s strong fundamentals as over 12% of inventory has turned over within the last year.