Jacksonville Office MarketView Q3 2020
October 22, 2020
Total vacancy sits at 15.3%, driven primarily by TIAA Bank vacating roughly 51,000 sq. ft. of space in 501 Riverside Avenue.
The sale of investment-grade properties in Q3 2020 totaled approximately $45.8 million across 340,153 sq. ft compared to $119.1 million across 955,886 sq. ft. one year ago.
According to the Bureau Labor of Statistics, the unemployment rate for August 2020 was 5.8%, a 250 bps increase year-over-year for Jacksonville. The rate is down from 11.2% in April 2020.