Jacksonville Office Figures - Q3 2026

In Q3 2026, market conditions continued to tighten modestly as vacancy and availability edged lower. Vacancy fell 10 basis points quarter-over-quarter, from 23.6% to 23.5%, while availability declined from 26.0% to 25.2%. Occupancy improved, with net absorption totaling 23,000 sq. ft., even as leasing activity slowed to 190,000 sq. ft., down from 290,000 sq. ft. in Q2 2026.

Average asking rents were essentially stable at $23.56 per sq. ft., compared with $23.57 per sq. ft. in Q2 2026, and construction exposure remained limited with 45,000 sq. ft. under construction across one project and no new deliveries.

Over the full period from Q3 2023 through Q3 2026, the market transitioned from rising vacancies and weak absorption in 2024 to a more stable environment, with stronger leasing and gradual rent growth. Vacancy increased from 22.3% in Q3 2023 to 25.7% in Q1 2025, then trended down to 23.5% by Q3 2026, while availability rose to 28.5% in Q4 2024 before easing to 25.2%.

Net absorption swung sharply, with large negative readings in late 2023 and 2024 followed by meaningful gains, including 377,000 sq. ft. in Q1 2026.

Leasing demand strengthened in 2025, when tenants signed 960,000 sq. ft. in Q1 2025 and 670,000 sq. ft. in Q2 2025, before moderating in 2026.

Average asking rents moved within a narrow band but trended upward from $22.71 per sq. ft. in Q3 2023 to $23.56 per sq. ft. in Q3 2026, and construction activity stayed moderate, with total deliveries of 24,000 sq. ft. in Q2 2024, 19,000 sq. ft. in Q1 2025 and 125,000 sq. ft. in Q1 2026.