Jacksonville Office Figures - Q1 2026

By Q1 2026, the office market recorded materially stronger fundamentals than in prior years. Net absorption totaled negative 492,000 sq. ft. in 2024 and 264,000 sq. ft. in 2025, a 756,000 sq. ft. improvement. In Q1 2026 alone, tenants absorbed 233,000 sq. ft., 139,000 sq. ft. more than in Q1 2025. This shift corresponded with lower vacancy, which decreased 1.5 percentage points year-over-year to 24.2% in Q1 2026, including a 0.6 percentage-point decline from Q4 2025. Availability also fell 1.1 percentage points over the year to 26.9%.

Construction activity changed notably over the same period. Construction completions totaled 125,000 sq. ft. in Q1 2026. While vacancy stood at 24.2% in Q1 2026, average asking rents reached $23.67 per sq. ft., up 2.5% from Q1 2025 and 0.9% above Q4 2025.