The Jacksonville Commercial Real Estate Market
March 24, 2025
Jacksonville proudly stands as a dynamic, business-friendly metro, offering a wealth of opportunities for commercial real estate investment.
As the largest city by area in the contiguous U.S., it boasts an expansive and diverse property inventory, making it a prime destination for investors and businesses alike. With a strong economy and growing demand, Jacksonville continues to attract organizations seeking strategic acquisitions. Crexi takes pride in empowering these investors with the tools and insights needed to navigate the market and secure the best commercial properties for their goals.
Commercial brokers and agents representing commercial property in Jacksonville rely on Crexi's robust lead management and software tools to maximize their business and quickly engage with buyers and tenants. Thanks to Crexi's broker tools suite, Jacksonville brokers can save time, engage with thousands of nationwide leads, and close more deals.
To date, Crexi’s commercial real estate tools have helped brokers close more than $664 billion in asset value and market more than $7 trillion in investments.
Crexi serves Jacksonville, Orange Park, Jacksonville Beach, Callahan, and Duval County's entirety as the region's fastest-growing digital CRE platform.
The State of Jacksonville Commercial Real Estate
Jacksonville offers the best of both worlds - coastal charm and big-city opportunity. As the largest city by land area in the U.S., it’s a place where urban energy meets laid-back beach life. With miles of shoreline, the scenic St. Johns River, and one of the country’s most extensive park systems, Jacksonville is a haven for outdoor enthusiasts. Its historic neighborhoods, thriving arts scene, and diverse culinary offerings add to the city’s character, making it a vibrant and welcoming place to call home.
But Jacksonville isn’t just a great place to live; it’s a major economic powerhouse. The city’s business-friendly climate and strategic location make it a hub for industries like logistics, healthcare, finance, and defense. The skyline tells a story of growth, with modern high-rises standing alongside historic landmarks. The housing market offers something for everyone, from beachfront condos to family-friendly suburbs and charming historic districts.
As Jacksonville continues to attract new residents and businesses, it’s cementing itself as one of the fastest-growing and most promising cities in the country.
Jacksonville Regional Breakdown
Jacksonville is growing fast, attracting new residents with its strong economy, vibrant lifestyle, and affordability. With a young, educated workforce and rising household incomes, the city offers a solid foundation for businesses, investors, and those looking to call it home.
- About 985,843 people call Jacksonville home, a number that is rapidly growing - leading the city to earn a spot on the top ten most populated cities in the U.S.
- Between July 2022 and July 2023, Jacksonville’s population grew by more than 14,000, a massive gain when compared to other U.S. cities.
- More than 31% of Jacksonville residents hold a Bachelor’s degree or higher.
- The median age in Jacksonville is 36.9, which is about 6 years younger than the statewide figure.
- Median household income is $66,981, with over 30% of residents earning in the six-figure range.
Jacksonville Job Market
Jacksonville’s job market is thriving, fueled by a diverse and expanding economy. The city’s strategic location, pro-business climate, and skilled workforce have made it a magnet for growth across key industries, including financial services, healthcare, logistics, and technology. This momentum has earned it national recognition - The Wall Street Journal recently ranked Jacksonville as the #2 Hottest Job Market, reflecting its impressive employment growth and economic resilience.
A mix of established corporations and an expanding startup ecosystem further strengthens the city's dynamic business environment. Local and state initiatives continue to attract new employers, while investments in infrastructure and education are helping to sustain long-term workforce development.
As more companies recognize Jacksonville’s potential, job opportunities are increasing across various sectors, reinforcing the city’s reputation as a hub for innovation, entrepreneurship, and career advancement.
- Jacksonville's GDP is $129 billion, up from $93.5 billion in 2020, according to the St. Louis Federal Reserve.
- The unemployment rate is 3% (BLS December 2024), with an employed labor force of 842,100.
- Targeted industry sectors are advanced manufacturing, aviation and aerospace, finance and insurance, headquarters, information technologies, life sciences, and logistics and distribution.
- The largest employers include Naval Air Station Jacksonville, Baptist Health, Mayo Clinic, Duval County Public Schools, Bank of America, and the City of Jacksonville, as well as sports merchandise marketer Fanatics.
- WalletHub ranks Jacksonville among the top five best places in the U.S. to start a business.
- Nearly 32% of the residents hold a bachelor’s degree, and Jacksonville has been ranked among the top five U.S. cities for attracting college graduates.
- The metro area has several prominent educational institutions, including the University of North Florida, Florida State College at Jacksonville, and Jacksonville University.
- The transportation infrastructure is extensive and diverse, with key interstates like I-95 and I-10, the busy JAXPORT seaport, Jacksonville International Airport, and a comprehensive public transit system including the First Coast Flyer Bus Rapid Transit and the Skyway people mover.
Jacksonville Industrial Market
Jacksonville’s industrial market continues to evolve, balancing a steady influx of new supply with shifting demand trends. While leasing activity has slowed from previous highs, the market remains resilient, supported by a strong local economy and consistent population growth. Vacancy has inched upward due to a wave of speculative developments delivering vacant, but these new projects are providing much-needed space for tenants seeking modern logistics and distribution facilities.
Despite this, rental rates have continued to climb, particularly in key submarkets like Northside, where new construction is commanding premium pricing. As Jacksonville’s industrial sector adapts to changing conditions, the region’s strategic location and infrastructure advantages ensure it remains a key player in Florida’s broader logistics network.
Market Overview (Cushman & Wakefield Q4 2024)
- Inventory: 116,150,540 SF
- Vacancy rate: 7.3%
- Absorption: -280,286 SF (YTD)
- Key leases by tenant: Niagara Water (115,000 SF), Eckart (95,223 SF), Victory Packaging, L.P. (79,500 SF)
- Under construction: 3,370,575 SF
- Largest submarkets: Westside, Northside, Southside
Crexi Insights
These are the most recent Jacksonville industrial lease and sales trends from Crexi Insights (as of March 2025):
For Lease (active)
- Asking rate/SqFt (median): $14 per year
- Median SqFt/listing: 19,900
- Days on market (median): 233
- Total listings on Crexi: 283 spaces
For Sale (active)
- Median asking price: $1.71million
- Price/SqFt: $110
- Asking cap rate: 6.2%
- Days on market: 129
- Total listings on Crexi: 61
Sales Comps (past 12 months)
- Median sold price: $627,500
- Sold price/SqFt: $94
- Total sales volume: $655 million
- Sold cap rate: 7.8%
- Median SqFt sold/transaction: 11,400
- Total SqFt sold: 11.2 million
- Days on market (median): 176
Jacksonville Office Market
Jacksonville’s office market is showing signs of stabilization, with vacancy rates declining for the second consecutive quarter and leasing activity picking up in key submarkets. While overall absorption remains negative year-to-date, steady demand in suburban areas has driven much of the leasing momentum. Companies continue to favor cost-effective Class B spaces, reflecting a broader trend of businesses prioritizing flexibility and affordability in their office strategies.
With development activity remaining limited, existing availability is gradually being absorbed, suggesting that vacancy rates could continue to ease in the coming months. As Jacksonville’s economy remains strong and businesses adjust to evolving workplace needs, the office market is positioned for a steady recovery heading into the future.
Market Overview (Cushman & Wakefield Q4 2024)
- Inventory: 21,784,029 SF
- Vacancy rate: 21.3%
- Absorption: -107,534 SF (YTD)
- Key leases by tenant: Undisclosed tenant (37,272 SF), Morgan & Morgan (13,152 SF)
- Under construction: 143,000 SF
- Largest submarkets: Northbank, Deerwood, Baymeadows, Southpoint
Crexi Insights
For a fresh perspective on Jacksonville's office real estate market, here are the most recent Jacksonville office lease and sales trends from Crexi Insights (as of March 2025):
For Lease (active)
- Asking rate/SqFt (median): $20 per year
- Median SqFt/listing: 2,196 SF
- Days on market: 238
- Total listings on Crexi: 759 spaces
For Sale (active)
- Median asking price: $699,000
- Price/SqFt: $255
- Asking cap rate: 6.2%
- Days on market: 178
- Total listings on Crexi: 127
Sales Comps (past 12 months)
- Median sold price: $340,000
- Sold price/SqFt: $162
- Total sales volume: $228.9 million
- Median SqFt sold/transaction: 2,318 SF
- Days on market (median): 199
Jacksonville Retail Market
Jacksonville’s retail market is holding relatively strong, supported by solid consumer demand and the region’s rapid population growth. Vacancy remains low at 4.3%, reflecting sustained leasing activity even as new development slows due to high interest rates.
Base rents have steadily risen, with year-over-year growth of 5.2%, signaling confidence in the market despite economic headwinds. Looking ahead, Jacksonville’s retail market is expected to remain stable, with demand-driven expansion shaping it in the coming quarters.
Market Overview (Colliers Q4 2024)
- Inventory: 103,100,000 SF
- Vacancy rate: 4.3%
- Rent growth: 5.2% (YoY)
- Absorption: 1,150,000 SF (YTD)
- Key leases by tenant: Undisclosed tenant (12,000 SF), Anytime Fitness (9,000 SF), Undisclosed tenant (8,333 SF)
- Under construction: 293,500 SF
Crexi Insights
Here are the most up-to-date Jacksonville retail lease and sales trends from Crexi Insights (as of March 2025):
For Lease (active)
- Asking rate/SqFt (median): $18 per year
- Median SqFt/listing: 2,501 SF
- Days on market: 423
- Total listings on Crexi: 641 spaces
For Sale (active)
- Median asking price: $850,000
- Price/SqFt: $288
- Asking cap rate: 6.1%
- Days on market: 167
- Total listings on Crexi: 173
Sales Comps (past 12 months)
- Median sold price: $900,000
- Sold price/SqFt: $173
- Total sales volume: $257.5 million
- Sold cap rate: 5.9%
- Median SqFt sold/transaction: 4,308 SF
- Days on market (median): 179
Jacksonville Multifamily Market
Jacksonville’s multifamily market is dynamic, driven by steady population growth and strong renter demand. While a surge in new deliveries has led to a temporary rise in vacancies, absorption levels in 2024 reached record highs, highlighting the city's appeal for renters. The slowdown in new construction should help balance supply and demand, creating opportunities for stabilization in the coming months.
Although there was a slight year-over-year dip in rental rates, investment interest is still strong, particularly in high-occupancy submarkets like Nassau County and Downtown. As Jacksonville’s economy and population expand, well-located rental properties continue to attract both residents and investors.
Market Overview (Cushman & Wakefield Q4 2024)
- Multi-unit inventory: 110,765 units
- Vacancy rate: 9.4%
- Net absorption (YTD): 7,192 units
- Effective rent per unit: $1,508
- Market rent change: -2.0% (YoY)
- Units under construction: 4,193
- Submarkets with highest occupancy: Nassau County (94.9%), Downtown (92.7%), Southside (92.1%)
Crexi Insights
Here are the most recent Jacksonville multifamily Insights from Crexi (as of March 2025):
For Sale (active)
- Median asking price: $745,000
- Price/SqFt: $223
- Price/Unit: $224,400
- Asking cap rate: 7.1%
- Days on market: 92
- Total listings on Crexi: 50
Sales Comps (past 12 months)
- Median sold price: $278,900
- Sold price/SqFt: $96
- Sold price/unit: $130,800
- Total sales volume: $327.2 million
- Sold cap rate: 7.4%
- Total SqFt sold: 4.7 million
- Days on market (median): 146
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