Jacksonville Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $22.64 2023 Avg. Asking Rent
  • 0.76% Y-o-Y Avg. Asking Rent Change
  • 21.52% 2023 Office Vacancy Rate
  • $49.9M2023 Total Office Sales
  • $68.01Avg. Sale Price/SF

Jacksonville office price per square foot in 2023 was $22.64 on average. This marked a +0.76% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.52% across all asset classes combined. The 9 transactions that closed here throughout 2023 amounted to a total sale volume of $49.9M. Jacksonville office space commanded an average sale price per square foot of $68.01.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Jacksonville Class A & A+ Office Space$23.46
  • Jacksonville Class B Office Space$21.14
  • Jacksonville Class C Office Space$19.15
  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Jacksonville, FL Office Asking Rents by Class

Average office rent in Jacksonville rested at $22.64 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Jacksonville averaged $23.46 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.14 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.15 per square foot, on average. Comparably, statewide Florida average office rents by class in 2023 were: $36.87 per square foot for class A office space; $27.52 per square foot for class B office space; $32.32 per square foot for class C office space.

2023 Office Vacancy Rates in Jacksonville

Submarket Asking Rents Vacancy Rates
Mandarin $25.24 31.78%
West Jacksonville $25.00 13.62%
Intracoastal West $23.84 23.09%
Butler - Baymeadows $23.47 23.15%
Downtown $23.19 22.10%
Southside $21.49 19.26%
Arlington $18.11 16.38%
North Jacksonville $16.00 0.00%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Jacksonville market was 21.52% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Jacksonville was 0.00% in the North Jacksonville submarket, while the highest office vacancy in the market was 31.78%, recorded in Mandarin.

Office Spaces for Rent in Florida

Jacksonville Office Sale Price per SF

  • $68.012023 Avg. Price per SF
  • $49.9M2023 Office Sales Volume
  • 92023 Number of Transactions

Jacksonville, FL Sale Price per SF Trend

  • Jacksonville Avg. Sale Price per SF in 2023$68.01
  • Florida Avg. Sale Price per SF in 2023$213.92
The sale price for office space in Jacksonville averaged $68.01 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $213.92 per square foot.

2023 Office Sales Volume

  • Jacksonville, FL Total Office Sales Volume in 2023 $49.9M
  • Jacksonville, FL Total Number of Office Sales Closed in 2023 9
A total of 9 deals closed on the Jacksonville office market in 2023, adding up to a yearly sales volume of $49.9M. Notably, the largest transaction on the market saw 4920 San Pablo Road South change hands for $20,000,000 on 6/2/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Jacksonville, FL

  • Jacksonville, FL Total SF completed in 2023 119,106
  • Jacksonville, FL Total SF under construction in 2024 44,840

During 2023, 119,106 square feet of new office space were delivered across the market. At the close of 2023, the Jacksonville office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 119,106 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 44,840 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Jacksonville
Office building Address SF Completed
11525 Village Crossing Dr 11525 Village Crossing Dr, 32256 36,000 2024
New Office Construction For Lease 9010 RG Skinner Parkway, 32256 5,000 2022
Mayport Village Mix Use 4707 Ocean St, 32233 2,494 2021
Town Center Two 5335 Gate Pkwy, 32256 217,877 2019
Cubework Jacksonville 2619 Ignition Drive, 32218 174,157 2019
Flagler Center Offices 12574 Flagler Center Blvd, 32258 50,100 2018
Gate Professional Center 7741 Point Meadows Dr, 32256 28,000 2015
San Marco East Plaza 3563 Philips Highway, 32207 375,000 2011
9822 Tapestry Park Circle #204-205 9822 Tapestry Park Circle, 32246 5,103 2009
9822 Tapestry Park Circle #208-209 9822 Tapestry Park Circle, 32246 3,019 2009

Worth noting among recent office completions on the Jacksonville market is 11525 Village Crossing Dr, which is currently the largest new office development in the city, at 36,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Jacksonville commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.