Jacksonville is the largest city in Florida, and the most populated Southeastern city. With a metropolitan size of over 1.6 million, Jacksonville is the 4th largest metro in the state, and continues to grow at a rapid rate. In 2017 alone Duvall County grew faster than 29 states. Consistent metro growth, business expansion and an increase in skilled workforce and jobs all make Jacksonville is the perfect place for your next commercial real estate investment.
Jacksonville Commercial Real Estate Facts
Jacksonville’s strong job market continues to attract professionals from all over the country. In 2017 Jacksonville was the 13th fastest growing metro in the country and boasts and unemployment rate of just 3.2% as of 2018. Jacksonville was the third fastest metro in job growth in 2018 at 2.3%. Job growth is expected to continue to be strong in Jacksonville as well. It’s estimated job growth of 39% over the next decade is one of the strongest in the country. 13 of Forbes World 500 companies call Jacksonville home, with continued office, warehouse and retail construction projects.
Overall Florida’s commercial real estate economic impact ranked 3rd in the country in 2017. The real estate industry contributed $189.4 billion to Florida’s economy, with Jacksonville at the forefront. In Jacksonville commercial real estate development was up 2.5% in 2016, industrial was up 2.8% and office up 0.8%. Commercial development is expected to perform better than residential real estate numbers, with both favorably in the Jacksonville MSA.
If you are looking at Florida as an opportunity for potential growth, but concerned about what hurricanes might do to your investment, Jacksonville has been a very safe area compared to other cities in the state. Jacksonville has only suffered one direct hit by a major hurricane in almost 140 years (Hurricane Dora in 1964). That makes insurance less than in other Florida metros.
Landmark Commercial Real Estate knows the Jacksonville market and knows how to find the right commercial property for your needs. Whether you are investing, moving a business or opening a new one, look to our team with years of expertise for the best service in the industry! Click here to list a property with us, or contact us to tell us about your needs.