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% |
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
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
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 |
Coworking Spaces in Florida
- Miami Coworking Space
- Tampa Coworking Space
- Jacksonville Coworking Space
- Orlando Coworking Space
- Boca Raton Coworking Space
- Fort Lauderdale Coworking Space
- West Palm Beach Coworking Space
- Coral Gables Coworking Space
- St. Petersburg Coworking Space
- Doral Coworking Space
- Miami Beach Coworking Space
- Hollywood Coworking Space
- Aventura Coworking Space
- Coral Springs Coworking Space
- Fort Myers Coworking Space
- Lake Mary Coworking Space
- Plantation Coworking Space
- Tallahassee Coworking Space
- Weston Coworking Space
- Clearwater Coworking Space
- Pembroke Pines Coworking Space
- Altamonte Springs Coworking Space
- Boynton Beach Coworking Space
- Cape Coral Coworking Space
- Delray Beach Coworking Space
- Kissimmee Coworking Space
- Lakeland Coworking Space
- North Miami Coworking Space
- Pensacola Coworking Space
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.
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.
See reports for other markets
- Miami Office Rent Price
- Tampa Office Rent Price
- Fort Lauderdale Office Rent Price
- Orlando Office Rent Price
- West Palm Beach Office Rent Price
- Boca Raton Office Rent Price
- St. Petersburg Office Rent Price
- Tallahassee Office Rent Price
- Sarasota Office Rent Price
- Hollywood Office Rent Price
- Miami Beach Office Rent Price
- Houston Office Rent Price
- Dallas Office Rent Price
- New York City Office Rent Price
- San Francisco Office Rent Price
- Los Angeles Office Rent Price
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.