The Jacksonville Commercial Real Estate Market
March 20, 2026
- Steady population growth, relatively affordable cost of living, and Florida’s business-friendly climate continue to draw new residents, employers, and investment to Jacksonville.
- A diverse economy anchored by logistics, healthcare, finance, and advanced manufacturing supports steady job creation and long-term commercial real estate demand.
- Industrial properties remain one of the most active sectors in the Jacksonville market, supported by port activity and regional distribution networks, even as recent development has temporarily increased vacancy.
- Retail space remains relatively tight, while the office market is gradually stabilizing as leasing activity continues across several well-located submarkets.
- The multifamily sector is working through several years of new construction, but steady renter demand and slowing development activity are helping the market rebalance.
Jacksonville has long held a unique position in Florida’s economic landscape. Located in northeast Florida, Jacksonville combines coastal access, major transportation infrastructure, and a steadily growing population. Its size and geographic reach create a broad range of commercial property opportunities, from downtown office buildings to industrial sites tied to the region’s logistics network.
For investors and brokers, Jacksonville offers an active and diverse commercial landscape. Major industries include finance, healthcare, defense, logistics, and advanced manufacturing. This economic diversity helps fuel steady demand across multiple property sectors.
Crexi supports the Jacksonville commercial real estate community by connecting buyers, sellers, and tenants with market intelligence and active listings. Through the platform, brokers can manage properties, track engagement, and reach a nationwide audience of qualified investors. Across markets nationwide, Crexi has helped facilitate more than $902 billion in closed transactions while generating more than 114 million leads for CRE professionals.
Within the Jacksonville region, Crexi serves investors and brokers across Jacksonville, Jacksonville Beach, Orange Park, Callahan, and communities throughout Duval County.
Jacksonville Commercial Real Estate Overview
Jacksonville’s growth has always been tied to movement. The St. Johns River runs through the center of downtown before opening into the Atlantic, and major interstate highways, rail corridors, and shipping routes connect the metro to markets across the Southeast. This connectivity has helped the city evolve into one of Florida’s most important logistics and distribution hubs, while its coastal setting and relatively affordable cost of living continue to draw new residents.
As the largest city by land area in the contiguous United States, Jacksonville supports a wide range of neighborhoods and commercial districts. Historic urban neighborhoods sit alongside expanding suburban communities, while the downtown core continues to attract renewed attention from developers and investors exploring mixed-use and residential opportunities.
From a commercial real estate perspective, Jacksonville’s growth is supported by steady population gains and a business climate that continues to attract employers. Logistics and industrial development remain especially active, driven by the Port of Jacksonville and the region’s access to major transportation routes. Large healthcare systems, financial firms, and defense-related operations also help sustain demand for office and specialized commercial space.
Like many markets across the country, Jacksonville’s commercial real estate sector continues to adjust to shifting capital markets and evolving tenant needs. Even so, the city’s underlying fundamentals help position the region for continued long-term interest from investors and developers.
Jacksonville Regional Context
Jacksonville continues to attract new residents as its population steadily grows. Many people are drawn by the coastal setting, relatively affordable cost of living, and the wide range of neighborhoods found across the metro area. New housing and infrastructure projects are helping the city keep pace with that growth.
The population also trends younger than both Florida and the national average, while household incomes continue to rise. Together, these factors highlight why Jacksonville is consistently recognized as an outstanding place to live and work.
- Nearly 1.1 million people call Jacksonville home, with more than 1.7 million living within the larger Jacksonville metro area.
- Jacksonville ranks among the top 10 most populated cities in the U.S., with a population that has increased by nearly 27% since 2010.
- With about 270 days of sunshine each year, 80,000 acres of parkland, and more than 1,100 miles of shoreline, Jacksonville offers residents an exceptional quality of life.
- The median age in Jacksonville is 37, which is about 10% younger than both the Florida and U.S. figures.
- Jacksonville’s median household income is $72,389, with a per capita income of $39,415. More than 35% of residents earn in the six-figure range.
- In 2025, Jacksonville was honored with the Economic Advancement Award from the Florida League of Cities, earning recognition for the innovative Jacksonville Small and Emerging Business (JSEB) program.
- U.S. News & World Report ranked Jacksonville as seventh on their list of the Best Big Cities to Live in the U.S., noting its high quality of life, affordability, and job market.
- The cost of living in Jacksonville is about 10% lower than the national average, with housing and utilities proving to be particularly affordable when compared to other U.S. cities.
Jacksonville Job Market
Jacksonville’s economy reflects the scale and diversity of the region itself. A wide mix of industries, including logistics, healthcare, finance, technology, and advanced manufacturing, supports steady job creation across the metro area. The city is also home to a growing number of corporate headquarters and major employers that anchor the local workforce.
Strong educational institutions and a well-connected transportation network help sustain a steady pipeline of talent and business activity. As a result, Jacksonville’s job market continues to support economic growth across northeast Florida.
- Jacksonville's GDP is $129 billion, up from $93.5 billion in 2020, based on data from the St. Louis Fed.
- The unemployment rate is 4.6% (December 2025), which is just slightly higher than the U.S. figure.
- Target industries in Jacksonville include advanced manufacturing, aviation and aerospace, finance and insurance, headquarters, information technologies, life sciences, and logistics and distribution.
- Major employers include Naval Air Station Jacksonville, Baptist Health, Mayo Clinic, Duval County Public Schools, Bank of America, and the City of Jacksonville.
- There are more than 150 corporate headquarters located in Jacksonville, including four Fortune 500 companies (CSX, Fidelity National Information Services (FIS), Fidelity National Financial Inc., and Landstar System.
- WalletHub ranks Jacksonville among the top five best large cities in the U.S. to start a business in 2026.
- Nearly 35% of Jacksonville residents hold a bachelor’s degree.
- 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 sector remains one of the most active parts of the local commercial real estate market, supported by the region’s strong logistics network and access to major transportation routes. Over the past year, a wave of new development has brought significant warehouse and distribution space online, which has temporarily pushed vacancy higher as the market absorbs recent deliveries.
Even so, leasing activity continues across several key submarkets as tenants seek space tied to port activity, regional distribution, and manufacturing operations. With development slowing and demand gradually working through new supply, the industrial market is moving toward a more balanced pace of growth.
Market Overview (Cushman & Wakefield Q4 2025)
- Inventory: 121,927,973 SF
- Vacancy rate: 10.8%
- Absorption: 1,538,023 SF (YTD)
- Key leases by tenant: G3 Enterprises (363,000 SF), Stellar Energy (120,842 SF), Keefe Group (117,000 SF)
- Under construction: 919,530 SF
- Completions: 6,247,506 SF (YTD)
- Largest submarkets: Westside, Northside, Southside
Crexi Insights
These are the most recent Jacksonville industrial lease and sales trends from Crexi Insights (as of March 2026):
For Lease (active)
- Asking rate/SqFt (median): $12 per year
- Median SqFt/listing: 11,600
- Days on market (median): 235
- Total listings on Crexi: 317spaces
For Sale (active)
- Median asking price: $1 million
- Price/SqFt: $134
- Median SqFt/listing: 9,215
- Asking cap rate: 7.1%
- Days on market: 198
- Total listings on Crexi: 93
Sales Comps (past 12 months)
- Median sold price: $896,200
- Sold price/SqFt: $115
- Total sales volume: $1.2 billion
- Sold cap rate: 7.8%
- Median SqFt sold/transaction: 6,800
- Total SqFt sold: 13 million
- Days on market (median): 234
Jacksonville Office Market
The office market in Jacksonville reflects a mix of established downtown buildings and active suburban business districts. Leasing activity continues across several well-located submarkets, particularly in areas with strong amenities and convenient access to major transportation routes.
At the same time, some older properties are still working through elevated vacancy as tenants evaluate their space needs. Even so, several parts of the market are beginning to show signs of stabilization as new leases gradually bring occupancy back into balance.
Market Overview (Cushman & Wakefield Q4 2025)
- Inventory: 21,412,246 SF
- Vacancy rate: 22.6%
- Absorption: 52,882 SF (YTD)
- Key leases by tenant: Internal Revenue Service (109,000 SF), Wounded Warrior Project (80,914 SF), Macquarie Group (28,099 SF)
- Under construction: 128,992 SF
- Leasing activity: 1,500,875 SF (YTD)
- Largest submarkets: Northbank, Deerwood, Southpoint, Baymeadows
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 2026):
For Lease (active)
- Asking rate/SqFt (median): $22 per year
- Median SqFt/listing: 2,132 SF
- Days on market: 257
- Total listings on Crexi: 783 spaces
For Sale (active)
- Median asking price: $726,000
- Price/SqFt: $216
- Asking cap rate: 5.7%
- Days on market: 193
- Total listings on Crexi: 150
Sales Comps (past 12 months)
- Median sold price: $549,100
- Sold price/SqFt: $166
- Total sales volume: $385.7 million
- Median SqFt sold/transaction: 3,208 SF
- Days on market (median): 222
Jacksonville Retail Market
Retail activity across Jacksonville remains steady, supported by the region’s growing population and active consumer base. Recent leasing highlights include Harris Teeter taking space on Atlantic Boulevard, Burlington securing a large-format store, and Church of Eleven22 expanding into retail space for community use. These deals reflect continued interest in well-located centers that draw consistent foot traffic.
Even as new projects move forward, limited availability in many established corridors has helped keep the market relatively tight.
Market Overview (Cushman & Wakefield Q4 2025)
- Inventory: 102,711,393 SF
- Vacancy rate: 4.8%
- Rent growth: 0.4% (YoY)
- Absorption: 56,026 SF (12-month rolling)
- Key leases by tenant: Harris Teeter (61,024 SF), Church of Eleven22 (43,000 SF), Burlington (36,964 SF)
- Under construction: 682,903 SF
Crexi Insights
Here are the most up-to-date Jacksonville retail lease and sales trends from Crexi Insights (as of March 2026):
For Lease (active)
- Asking rate/SqFt (median): $20 per year
- Median SqFt/listing: 2,609 SF
- Days on market: 272
- Total listings on Crexi: 529 spaces
For Sale (active)
- Median asking price: $1.4 million
- Price/SqFt: $260
- Asking cap rate: 6.2%
- Days on market: 165
- Total listings on Crexi: 214
Sales Comps (past 12 months)
- Median sold price: $1 million
- Sold price/SqFt: $162
- Total sales volume: $1.2 billion
- Sold cap rate: 5.9%
- Median SqFt sold/transaction: 4,899 SF
- Days on market (median): 187
Jacksonville Multifamily Market
Jacksonville’s multifamily market is adjusting after several years of strong apartment development across the metro. Much of that development followed several years of steady population growth and migration into northeast Florida.
As new communities came online, vacancy increased and rent growth softened as properties competed for tenants. Even so, leasing activity has remained active, with many newly delivered units beginning to fill across the market. With construction activity now slowing, the market is beginning to work through recent supply and move toward more stable conditions.
Market Overview (Cushman & Wakefield Q4 2025)
- 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
Get more in-depth Jacksonville market data with Crexi Intelligence.
