Jacksonville, FL Office Overview
Jacksonville city proper includes the Baymeadows Center, Southbank, and Deercreek office submarkets. With a metropolitan population of nearly 1.5 million people, the economy in Jacksonville is largely driven by the defense and transportation sectors that increasingly create an ever growing demand for Class A office space in the metropolitan area.
As of mid-2017, the Greater Jacksonville office market encompasses over 28 million square feet of existing office space in properties larger than 50,000 square feet. Located in Northeastern Florida, Jacksonville is the third-largest seaport in the State of Florida and is the financial center of North Florida.
Jacksonville, FL Office Inventory Description
Jacksonville is home to the third-largest military presence in the country, right behind San Diego and Norfolk, Va. With a gross metropolitan product of over $68 billion annually, there is strong demand for Class A office space in the Jacksonville regional area. Nearly 64% of the office space in Jacksonville is Class A or A+, with Class B product adding an additional 35% of office inventory to the Jacksonville commercial real estate market.
Some of the most robust demand for Class A office space in Jacksonville is seen in the Northbank office submarket. Located along the St. Johns River, between Jefferson Street and the State Route 1 interchange, portfolio properties such as the Wells Fargo Center, EverBank Center, and the One Enterprise Center at 225 Water Street can be found.
Jacksonville, FL Commercial Inventory Breakdown
Total: 35,431,613 SF
By square footage range:
- 50k to 100k SF: 7,298,200 SF / 20.6% of total office
- 100k to 500k SF: 22,323,488 SF / 63% of total office
- 500k to 1M SF: 5,809,925 SF / 16.4% of total office
- Class A: 19,070,902 SF / 53.82% of total office
- Class B: 13,748,587 SF / 38.8% of total office
- Class C: 598,008 SF / 1.69% of total office
Jacksonville, FL Green Office Space
Through mid-year 2017, nearly 38% of the commercial office buildings that are larger than 50,000 square feet are classified as green or energy efficient buildings. Back in 2005 this percentage was less than 5%, showing a marked increase in just a few years.
The 2017 National Green Building Adoption Index surveyed the top 30 U.S. markets for energy efficient properties. To date, Jacksonville hasn't yet made the list, but with numerous LEED certified projects underway both the availability and demand for green office property in the city is growing.
One example of an energy efficient, LEED-certified office building in Jacksonville, FL is Waterview I & II on Deerwood Park Boulevard. Located in the Deerwood neighborhood of the city, with nearly 170,000 square feet of space this Class A office property was built in 2002 and was awarded a LEED Silver certified rating.
Jacksonville, FL's Top Office-Using Sectors
Demand for office space and commercial real estate in Jacksonville, FL is driven by an energetic mix of business and industry including banking & financial services, transportation & logistics, defense, and Fortune 500 companies.
- EnergyBanking & Financial Services – EverBank, America Bancorp, Atlantic Coast Financial, and VyStar Credit Union are a few of the financial service businesses that generate demand for white collar office employment in Jacksonville.
- EnergyTransportation & Logistics – CSX Corporation and RailAmerica are just two examples of businesses that benefit from the Port of Jacksonville seaport and the shipping hub of the Jacksonville International Airport.
- EnergyDefense – Office demand in the city is also driven by the countless businesses that service the Naval Submarine Base, the Naval Air Station, and the Naval Station Mayport in the Jacksonville region.
- EnergyFortune 500 Headquarters – Demand for Class A office space in Jacksonville is also created by the numerous corporate head offices in the city, including Fidelity National Financial, Interline Brands, and Southeastern Grocers.
- Total Population867,313
- Male Population(48.4 %) 419,756
- Female Population(51.6 %) 447,557
- Median Age35.80
- Average Household Income$68,733
- Median Household Income$50,555
- Median Income Under 25$28,807
- Median Income 25-44$52,711
- Median Income 45-64$59,367
- Median Income Over 65$39,336
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