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% |
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
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
Coworking Spaces in Florida
- Houston Coworking Space
- Atlanta Coworking Space
- Dallas Coworking Space
- Miami Coworking Space
- Austin Coworking Space
- Nashville Coworking Space
- Charlotte Coworking Space
- Jacksonville Coworking Space
- Raleigh Coworking Space
- Tampa Coworking Space
- Orlando Coworking Space
- Fort Lauderdale Coworking Space
- Boca Raton Coworking Space
- West Palm Beach Coworking Space
- Memphis Coworking Space
- Birmingham Coworking Space
- New Orleans Coworking Space
- Durham Coworking Space
- Alpharetta Coworking Space
- Chattanooga Coworking Space
- Miami Beach Coworking Space
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.
Office building | Address | SF | Completed |
---|---|---|---|
11525 Village Crossing Dr | 11525 Village Crossing Dr, 32256 | 36,000 | 2024 |
The Palms at Gate Parkway - Building 2 | 7540 Gate Pkwy North, 32256 | 52,386 | 2023 |
The Palms at Gate Parkway - Building 3 | 7510 Gate Pkwy North, 32256 | 33,360 | 2023 |
The Palms at Gate Parkway - Building 1 | 7570 Gate Pkwy North, 32256 | 33,360 | 2023 |
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 |
The Offices at Flagler Center | 12574 Flagler Center Blvd, 32258 | 50,010 | 2018 |
Hodges Commons | 4796 Hodges Blvd, 32224 | 25,884 | 2018 |
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.
See reports for other markets
- Miami Office Rent Price
- Tampa Office Rent Price
- Orlando Office Rent Price
- Fort Lauderdale Office Rent Price
- Sarasota City Office Rent Price
- St. Petersburg Office Rent Price
- Boca Raton Office Rent Price
- Doral Office Rent Price
- Fort Myers Office Rent Price
- West Palm Beach Office Rent Price
- Melbourne Office Rent Price
- Lake Mary Office Rent Price
- Pensacola Office Rent Price
- Maitland Office Rent Price
- Winter Park Office Rent Price
- Hollywood Office Rent Price
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.