Q4 Office Report 2017

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Regional Summary

Overall, the Jacksonville office market remained steady through out the fourth quarter, with rents 
decreasing slightly to $18.88 per square foot compared to $18.92 in the third quarter. The vacancy 
rate increased to 7.5% and net absorption was negative (79,354) square feet.

Although net absorption reported to be down for the quarter, the outlook for 2018 appears to be 
strong for Jacksonville’s office market. With a healthy business climate and employment growth, 
Jacksonville’s office market is primed for healthy leasing activity in 2018.

In the News

>  Jacksonville-based  Web.com  announced  plans  for  a  new 218,000 square foot corporate 
headquarters to be developed by VanTrust Real Estate near the St. Johns Town Center. This will be 
VanTrust’s second building to be constructed at their Town Center project. (Jacksonville Business 

>  Hines is planning to begin construction on one of two proposed office buildings at its Southside 
Quarter project. The proposed 125,000 SF building matches the needs of project Milan, which is 
speculated to be McKesson Corp. (Daily Record)

>  Downtown  momentum  continues  to  build,  as  Jacksonville’s SouthEast  Development  Group  and 
 Las  Vegas  based  The Molasky Group have started renovations on the Barnett bank building, with 
plans to begin the Laura Street Trio and a parking garage in 2018. (Jacksonville Business Journal)

>  A solar manufacturer is considering Jacksonville to relocate their US headquarters. Codenamed 
Project Volt, the company would invest $410 million in Jacksonville and create at least 800 jobs. 
(Jacksonville Business Journal)



Q4 Office Report 2017

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