Jacksonville Commercial Real Estate

Jacksonville Commercial and Office Space Overview

The most populous city in Florida and the largest by area in the United States, Jacksonville is a city on a mission. Thanks to its large deepwater port, the city has a long history as a military institution, logistics and transportation center, and major global shipping hub, but new industries have begun to revitalize the old, bringing new life into this Florida metropolis in recent years.

In addition to the sizeable military presence in the region, Jacksonville is home to a major tourism industry, logistics operations, banking and finance institutions, and major sports teams. Despite the presence of major companies and institutions, the city has been recognized as a major hotspot for small business development and entrepreneurship, ranking 2nd in a major business development survey and showing strong upward economic trends across a variety of factors in recent years.

The River City’s economic strength is reflected in its commercial real estate market, with over 800 available listings at a mere $23 per square foot/year. At a median size of 640 square feet, these properties represent a continued commitment to small business throughout every area of the city.

Economy of Jacksonville

With a median household income of $48,256, the city’s professional class has begun to take hold post-recession. Due to the large population and vast area, the city is much more diverse and economically varied than most other cities of a similar size in the nation.

Home to four Fortune 500 companies in Fidelity National Financial, Fidelity National Information Systems, CSX Corporation, and Southeastern Grocers, the city’s backbone is built on shipping, transportation, logistics, defense, and military bases, cementing its reputation as a working class, blue collar coastal town. Tourism takes a strong second lead to these industries, bringing in nearly $1.8 billion in economic impact and providing 43,000 jobs.

Trends of Jacksonville

Jacksonville continues to grow at a steady pace, with proposed investments in downtown developments sitting at $3.5 billion and more than 60 major projects underway throughout the city’s most popular areas. In addition to the growth in commercial real estate, over 2,400 new residential units are underway in downtown Jacksonville, partly thanks to a new shipyard development financed by Jacksonville Jaguars owner Shad Khan.

Partly encompassing a new practice facility for the NFL team, this 70-acre stretch of riverfront property will extend between The Shipyards to the Metropolitan Park and include up to 500 condos, 500 apartment units, nearly 500,000 square feet of office space alongside 250,000 square feet of retail and restaurant spaces. Alongside this spacious development, several other developments have come online alongside the ambitious project.