Jacksonville Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $22.47 2022 Avg. Asking Rent
  • 3.45% Y-o-Y Avg. Asking Rent Change
  • 23.90% 2022 Office Vacancy Rate
  • $462.7M2022 Total Office Sales
  • $161.75Avg. Sale Price/SF

Jacksonville office price per square foot in 2022 was $22.47 on average. This marked a +3.45% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 23.90% across all asset classes combined. The 25 transactions that closed here throughout 2022 amounted to a total sale volume of $462.7M. Jacksonville office space commanded an average sale price per square foot of $161.75.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Jacksonville Class A & A+ Office Space$23.10
  • Jacksonville Class B Office Space$20.99
  • Jacksonville Class C Office Space$17.88
  • Florida Class A & A+ Office Space$35.94
  • Florida Class B Office Space$26.81
  • Florida Class C Office Space$19.09

Jacksonville, FL Office Asking Rents by Class

Average office rent in Jacksonville rested at $22.47 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Jacksonville averaged $23.10 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.99 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.88 per square foot, on average. Comparably, statewide Florida average office rents by class in 2022 were: $35.94 per square foot for class A office space; $26.81 per square foot for class B office space; $19.09 per square foot for class C office space.

2022 Office Vacancy Rates in Jacksonville

Submarket Asking Rents Vacancy Rates
West Jacksonville $27.06 15.35%
Mandarin $25.95 20.52%
Intracoastal West $23.65 18.27%
Downtown $23.28 26.70%
Butler - Baymeadows $22.37 27.78%
Southside $21.13 23.49%
North Jacksonville $20.79 0.00%
Arlington $17.11 22.24%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Jacksonville market was 23.90% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Jacksonville was 0.00% in the North Jacksonville submarket, while the highest office vacancy in the market was 27.78%, recorded in Butler - Baymeadows.

Office Spaces for Rent in Florida

Jacksonville Office Sale Price per SF

  • $161.752022 Avg. Price per SF
  • -2.04%Y-o-Y Avg. PpSF Change
  • $462.7M2022 Office Sales Volume
  • 252022 Number of Transactions

Jacksonville, FL Sale Price per SF Trend

  • Jacksonville Avg. Sale Price per SF in 2022$161.75
  • Florida Avg. Sale Price per SF in 2022$234.16
Jacksonville office space cost in 2022 marked a -2.04% change compared to the previous year. The sale price for office space in Jacksonville averaged $161.75 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $234.16 per square foot.

2022 Office Sales Volume

  • Jacksonville, FL Total Office Sales Volume in 2022 $462.7M
  • Jacksonville, FL Total Number of Office Sales Closed in 2022 25
A total of 25 deals closed on the Jacksonville office market in 2022, adding up to a yearly sales volume of $462.7M. Notably, the largest transaction on the market saw 225 North Pearl Street change hands for $94,997,000 on 11/8/2022.

Largest Jacksonville Office Sales in 2022

Property name Address Date Price
225 North Pearl Street 225 North Pearl Street 11/8/2022 $94,997,000
Riverplace Tower 1301 Riverplace Blvd 2/7/2022 $73,200,000
701 San Marco Blvd 701 San Marco Blvd 9/8/2022 $70,000,000
One Deerwood Center 10201 Centurion Pkwy North 12/5/2022 $29,000,000
245 Riverside Avenue 245 Riverside Avenue 9/27/2022 $25,150,000
Data provided by Commercial Edge

Coworking Spaces in Florida

2022 Office Construction in Jacksonville, FL

  • Jacksonville, FL Total SF completed in 2022 801,861
  • Jacksonville, FL Total SF under construction in 2023 178,106

During 2022, 801,861 square feet of new office space were delivered across the market. At the close of 2022, the Jacksonville office inventory included 7 buildings equal to or larger than 25,000 square feet, which comprised 801,861 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 178,106 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Jacksonville
Office building Address SF Completed
The Palms at Gate Parkway - Building 2 7540 Gate Pkwy North, 32256 52,386 2023
The Palms at Gate Parkway - Building 1 7570 Gate Pkwy North, 32256 33,360 2023
The Palms at Gate Parkway - Building 3 7510 Gate Pkwy North, 32256 33,360 2023
225 North Pearl Street 225 North Pearl Street, 32202 153,000 2022
Town Center Two 5335 Gate Pkwy, 32256 217,877 2019
Cubework Jacksonville 2619 Ignition Drive, 32218 174,157 2019
The Point at Gate Parkway 7720 Baymeadows Road East, 32256 54,354 2019
The Offices at Flagler Center 12574 Flagler Center Blvd, 32258 50,010 2018
Hodges Commons 4796 Hodges Blvd, 32224 25,884 2018
Fremount Business Center 7768 Ozark Drive, 32256 28,870 2016

Worth noting among recent office completions on the Jacksonville market is The Palms at Gate Parkway - Building 2, which is currently the largest new office development in the city, at 52,386 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Jacksonville commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.