Market Trend: Jacksonville's Office Deliveries, Construction and Inventory

During the third quarter 2013, three buildings totaling 14,902 square feet were completed in the Jacksonville market area.

This compares to three buildings totaling 51,211 square feet that were completed in the second quarter 2013, one building totaling 6,390 square feet completed in the first quarter 2013, and 83,423 square feet in five buildings completed in the fourth quarter 2012.

There were 98,523 square feet of office space under construction at the end of the third quarter 2013.

Some of the notable 2013 deliveries include: 7826 Ozark Dr, a 31,650-square-foot facility that delivered in second quarter 2013 and is now 100% occupied, and 1865 Lime St - Phase 2, a 11,300-square-foot building that delivered in second quarter 2013 and is now 81% occupied.

The largest projects underway at the end of third quarter 2013 were 15255 Max Leggett Pky, a 93,750-square-foot building with 100% of its space pre-leased, and 1704 Blanding Blvd, a 4,773-square-foot facility that is 100% pre-leased.

Total office inventory in the Jacksonville market area amounted to 61,771,910 square feet in 4,336 buildings as of the end of the third quarter 2013. The Class-A office sector consisted of 16,030,011 square feet in 92 projects. There were 1,685 Class-B buildings totaling 30,479,170 square feet, and the Class-C sector consisted of 15,262,729 square feet in 2,559 buildings. Within the Office market there were 164 owner-occupied buildings accounting for 6,907,847 square feet of office space.


This trend is compared to U.S. National Office deliveries and construction, which saw 244 buildings totaling 12.21 million square feet complete construction, with an additional 83.81 million square feet of office space still under construction at the end of the third quarter. The largest projects underway at the end of third quarter 2013 were One World Trade Center, a 3,038,168-square-foot building in New York City, and ExxonMobil Campus, a 3,000,000-square-foot facility in the Houston market. Total office inventory in the U.S. market area totaled 10.34 billion square feet in more than 496,000 buildings at the end of the third quarter 2013, including almost 20,000 owner-occupied buildings accounting for 876.2 million square feet.

Bryce Meyers