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Reports: Jacksonville office sector sees high vacancy rates in Q4 - Jacksonville Business Journal

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Reports: Jacksonville office sector sees high vacancy rates in Q4

Jan 27, 2023, 2:38pm EST

CBRE reported improved fundamentals to end 2022. Its reported total vacancy rate was 21.8%, a figure that was 20% in 2020’s Q2. Year-to-date, there was 58,021 square feet of negative absorption. “Tenants wishing to improve their space now have more Class A options in desired submarkets thanks to a stabilization in absorption, vacancy and asking rents,” CBRE’s report said.

“Life sciences users are still actively looking in Jacksonville, but as with anything else, financing needs to be addressed upfront as many of these companies are working on cutting edge technologies with large, but limited, private financing sources,” the Colliers report stated. “Despite current rises, rates are expected to slow and level out going into 2023,” the Cushman & Wakefield report stated. “Rent concession increases continued as landlords held out on lowering asking rents.”

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