2018 Q3 Northeast Florida Office Market Report
Date Published: 10/28/2018
The Jacksonville office market has remained steady since the beginning of 2018. Similar to Q2, we are seeing an increase in vacancy and negative net absorption in the 3rd quarter. The vacancy rate currently sits at 8%, after hovering at 7.1% since fourth quarter 2017. The increase in vacancy rates is also rejected by the net negative absorption of 461,488 square feet. Half of the 275,000 SF vacancy left by CSX's lease expiration at Southpoint was backfilled in Q3. Asking rates continue to rise, ending the 3rd quarter at $19.68 per square foot average asking rate, up from $19.44 in Q2.