Jacksonville’s Office Market Weathered the Storm and is Still Improving!
Hurricane Irma had significant impact to Jacksonville’s office market, causing massive flooding in the downtown core and knocking out a major office tower on the Northbank. The closure of the Wells Fargo building temporarily displaced tenants, but caused no major relocation’s and limited business interruptions.
Pre-hurricane, the overall economy continued to grow with the area’s unemployment rate falling 0.8 percentage points (PPS) from a year prior to 3.9% on the addition of 16,900 new. The overall sentiment for the near term indicated Jacksonville should maintain healthy economic fundamentals.
- Class “A” Vacancy is now 9.5%
- We have over 200,000 square feet of space under construction
- Over 400,000 square feet of positive absorption year to day