Recently I’ve had clients asking how Jacksonville compares to the rest of Florida. The following is a snapshot of the office market for the entire State. We are pretty much in line with the rest of the State except we did not have any new construction which will help us out in the long run. The Jacksonville YTD net absorption was 40,000 SF as of the end of 2Q10.

A snapshot of the overall office market in the State of Florida is as follows:

  • Overall activity is improving
  • Renewals remain a trend across the State
  • The Finance, Healthcare and Insurance sectors lead leasing activity in 2010
  • Overall total vacancy stands at 21.0% for the State of Florida, while direct vacancy stands at 19.5%
  • 2Q10 recorded 362,184 SF of positive net absorption with YTD net absorption standing at (102,207) SF
  • 1.3 MSF remain under construction with most of this product in Miami.

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Filed under: September 2010

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