Jacksonville Commercial Real Estate Expands with Crexi

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As Florida’s most densely populated city, Jacksonville represents a thriving, business-friendly metro that’s ripe for commercial real estate investment activity. 

Jacksonville is the largest city by area in the lower 48 states and plays host to a sizable CRE property inventory within its limits. Investors and organizations look to Jacksonville as a premier investment area to find and acquire commercial properties. Crexi is proud to connect these property seekers with every tool needed to find the best suited Jacksonville commercial real estate for their needs.

Jacksonville 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 leads nationwide, and close more deals.

At the time of writing, Crexi has represented more than $300 billion in property transactions and marketed over $1.2 trillion in total property value.

Crexi proudly 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 

Note: the current COVID-19 crisis has impacted this data. The coronavirus’ long term impact has yet to be determined, but CRE professionals should keep these developments in mind when evaluating the following information.

Over the next 24 months, transaction velocity in the Jacksonville commercial real estate market should be notably more substantial as tenants determine their long-term plans with the lack of new development, creating a potential imbalance between supply and demand.

The outlook for commercial real estate investment in Jacksonville remains strong as the economy begins to recover. More people and businesses are moving to Jacksonville for a more affordable suburban lifestyle and a decidedly business-friendly government.

Jacksonville is located in Northeastern Florida, just 25 miles from Georgia and only 360 miles from Miami. The city is the 4th largest in Florida and is the biggest city by area in the continental US. Located along the St. Johns River banks in the First Coast region of Florida, beach communities along the Atlantic Ocean are less than ten minutes away.

Metropolitan Jacksonville boasts the country’s largest urban park system and a youthful population drawn to the city’s colorful arts scene, vibrant nightlife, and countless historic neighborhoods. The NFL Jacksonville Jaguars give football fans something to cheer about, while the PGA Tour based in Ponte Vedra helps make Jacksonville a golfer’s dream.

Jacksonville Regional Breakdown

Over the past five years, Jacksonville added nearly 60,000 new residents, giving the metro area the 25th largest growth rate among the country’s fastest-growing cities.

  • Jacksonville is home to over 800,000 people in the city and more than one million residents in the Jacksonville metropolitan area.
  • Population growth in Jacksonville is 1.97% year-over-year.
  • Net population growth in the Jacksonville metropolitan area increased by more than 12,000 residents between 2017 and 2018.
  • Counties in the Jacksonville MSA include Baker, Clay, Nassau, St. Johns, and Duval.
  • Over the next ten years, over 800,000 new residents will move to the Jacksonville region, according to a forecast by the Bureau of Economic and Business Research (BEBR) at the University of Florida.
  • BEBR also predicts that the Jacksonville metropolitan area’s population will more than double over the next 25 years.

It’s no secret that a growing number of people and businesses are relocating to Florida, and Jacksonville is no exception. The city is ranked as one of the best places for business, careers, and job growth in the US due to Jacksonville’s business-friendly and pro-growth policies.

  • The Jacksonville MSA GDP is over $87 billion and has grown by more than 50% over the past ten years.
  • Jacksonville’s employment growth is 2.8% year-over-year, while median household incomes have increased by 2.6% over the past 12 months.
  • Jacksonville’s unemployment rate is down to 4.8%, with the manufacturing, financial activities, and government employment sectors showing the fastest signs of new growth.
  • Jacksonville is rated as one of the hottest cities in America for business relocation and expansion due to the city’s reputation for being pro-business.
  • One of Florida’s largest advanced manufacturing regions is located in Jacksonville, with the metro area also known as a top logistics center in the US and an international banking and finance center.
  • Jacksonville is home to Fortune 500 companies such as CSX Corporation, Fidelity National Finance, and Southeastern Grocers.
  • Some of the largest employers in the Jacksonville metro area include JPMorgan Chase, Bank of America Merrill Lynch, McKesson, GATE Petroleum, and Johnson & Johnson Vision Care.
  • Jacksonville’s IT & Innovation industry is powered by companies in the software development, e-commerce, healthcare, finance technology, and logistics sectors.
  • Each year more than 13,000 IT workers graduate from one of the numerous colleges and universities in Jacksonville.
  • University of North Florida, Jacksonville University, and the Mayo Clinic College of Medicine and Science are three major institutions of higher education in the region.
  • Nearly 33% of the residents in Jacksonville have a bachelor’s degree or an advanced degree.

Jacksonville’s transportation network includes three major interstates and highways, four seaport facilities, freight rail service, and the Jacksonville International Airport.

overhead view of beachside road and bike path with palm trees

Jacksonville Industrial Market

The e-commerce and retail sectors continue to drive the demand for industrial space in Jacksonville. The metro area is a major distribution hub, with new leases totaling 1.2 million square feet in the last quarter alone, primarily in warehouse and distribution space:

  • Total industrial inventory: 97,641,901 SF
  • Average asking rent: $5.05 per SF per year, NNN
  • Vacancy rate: 6.6%
  • Absorption: 2.1 million SF through year-end 2020
  • New construction: 2,668,858 SF brought to market with 2,122,890 SF under construction
  • Largest industrial submarkets: Westside, Northside, Southside, Downtown

Discover Jacksonville industrial space for rent.

Jacksonville Office Market

Jacksonville remains one of the more affordable office markets in the country, with asking rents just over $21 per square foot. Although leasing activity slowed the last six months of 2020, the year-to-date performance was down by only 1.5% compared to the previous year:

  • Total office inventory: 23,740,994 SF
  • Average asking lease rates: $21.10 per SF per year, gross
  • Overall vacancy rate: 17.0%
  • Absorption: – 91,067 in Q4 2020
  • New construction: None
  • Largest office submarkets: Baymeadows, North Bank CBD, Deerwood Park, Southpoint

Discover Jacksonville office space for lease. 

Jacksonville Retail Market

Although vacancy levels are rising and asking rents are decreasing, businesses in the Jacksonville retail market are meeting the recession head-on. Restaurants are reconfiguring dining space to meet social distancing requirements with outdoor seating and delivery service, and retailers are adjusting to the competitive pressure from the e-commerce marketplace:

  • Total retail inventory: 29,807,455 SF in the largest submarkets
  • Average asking rent: $14.64 per SF per year, gross
  • Total vacancy rate: 5.0%
  • Net absorption: 525,456 SF trailing 12 months
  • New construction: 700,000 SF under construction in Q3 2020
  • Largest retail submarkets: Downtown Northbank, Downtown Southbank, Southside, Butler/Baymeadows, and the Beaches

Discover Jacksonville retail property for lease.

Jacksonville Multifamily Market

The Jacksonville multifamily market continues to show resilience in the face of ongoing economic challenges. Trailing three-month rent growth in Jacksonville is up 0.8%, eight times higher than the average US rate of only 0.1%:

  • Total housing units: 669,824
  • Renter occupied: 34%
  • Monthly rent per unit: $1,140
  • Vacancy rate: 5.0%
  • New construction: 1,950 units delivered through Q3 2020 with 5,027 new apartment units under construction as of Q4 2020.
  • Most active multifamily neighborhoods: Cecil Field, Chimney Lakes, East Arlington, Baymeadows, Windy Hill
  • Median household income: $65,880
  • Per capita income: $34,459

Discover Jacksonville multifamily property for sale.

How Crexi Connects Buyers and Tenants to Jacksonville Commercial Real Estate

Crexi provides buyers and tenants with a streamlined and simplified method to discover dozens of suitable properties in Jacksonville. Florida’s largest city offers up a thriving commercial real estate market with plentiful opportunities for high-gain ROI.

Investors and tenants use Crexi’s search tool to browse hundreds of Jacksonville properties for lease or sale with a few clicks. Searches can quickly be refined by various parameters, including by neighborhood, asset type, property type, price or rate per square foot, square footage, and amenities. Upon finding their perfect property match, it takes mere clicks to engage with the listing broker directly, download the flyer, and even submit a letter of intent (LOI) via Crexi’s secure marketplace.

Intelligence Equips Investors with Data and Market Knowledge 

Knowledge is power, and Crexi seeks to equip its users with the most up-to-date market data and trends through Intelligence, a subscription-based data library. Intelligence connects Jacksonville investors and tenants to millions of sales comparables, property records, and dozens of highly detailed MSA market reports.

Using Intelligence, Crexi’s users can make the most informed commercial real estate investing decisions possible when exploring Jacksonville property.

Intelligence is available to buyers, sellers, and tenants on a subscription basis.

How Jacksonville Brokers Thrive with Crexi

Jacksonville brokers use Crexi to market more than 500 properties for sale and over 1100 listings for rent within the city limits. As more businesses turn to Florida’s tax-friendly policies, Jacksonville represents a fast-blooming commercial real estate market with favorable cap rates and attractive investment opportunities. 

Jacksonville commercial real estate agents employ Crexi’s broker tools to quickly list and market assets while getting real-time insight into buyer and tenant leads. Brokers in Jacksonville can efficiently market properties across asset classes, including:

  • Multifamily developments
  • Retail properties
  • Industrial buildings
  • Offices
  • Land parcels
  • Mixed-Use buildings
  • Hospitality assets
  • Non-traditional properties such as data centers, self-storage, etc.

Using Crexi’s all-in-one technology suite, Jacksonville brokers are fully equipped to quickly navigate commercial property sales and leases from listing to sign. Agents can even house due diligence documentation in Crexi’s secure file storage vault.

And while Crexi’s free broker tools are impressive, the true power of Crexi emerges with Sale PRO, Lease PRO, and All PRO

Crexi PRO Dashboard 2020

Crexi’s All PRO Membership

Crexi PRO empowers Jacksonville commercial real estate with advanced tools and automation to close more deals faster. PRO includes highly detailed lead contact information aggregation and management, helping brokers identify the most promising buyers and tenants. 

PRO reduces collaborative friction by simplifying reporting with branded lead reports. Crexi PRO brokers also earn preferential placement of their listings at the top of marketplace search pages, earning them boosted exposure.

Crexi also sends out weekly email blasts to hundreds of thousands of active property seekers, featuring lists of specially curated assets tailed to each seeker’s search behavior. These emails, powered by machine learning and artificial intelligence, earn a 10-15% higher click-through rate on PRO listings than industry averages.

PRO users also enjoy access to Crexi Intelligence at no additional cost, empowering their business with its vast library of sales comparables, market reports, and property records.

In Jacksonville, brokers with Crexi PRO memberships can efficiently engage with the 70,000 leads searching in the area in the last two years, and the more than 3 million leads across the US added to Crexi in 2020.

On average, PRO users discover 125% more leads and close six-to-eight times more deals than non-PRO subscribers on Crexi. 

Contact support@crexi.com to learn more about All PRO.

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Shanti Ryle
Shanti Ryle

Content Marketing Manager

Shanti leads Crexi's content marketing strategies with 7+ years of content development experience, creating everything from blog posts to award-winning podcasts. Previously, she worked on content teams at Snapchat, Weedmaps, and HopSkipDrive as well as developed copy, articles, and media for freelance publications.

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