Jacksonville Commercial Real Estate Info
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. Jacksonville’s population is also younger than most of the rest of the state of Florida. Jacksonville’s 36.1 media age is 6 years younger than the rest of the state of Florida. While other metros in the state are popular among retirees, most of Jacksonville’s growth is coming from people moving to the city for work. 47% of Jacksonville’s population is between 20-49 years of age. 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 Overview
Jacksonville’s strong job market continues to attract professionals from all over the country. Jacksonville boasts a population increase of 14% over the last decade, with no signs of slowing down. Jacksonville, the city, reached it’s highest population of 929,647 in 2021. Duvall County welcomed its millionth resident in early 2020. 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. The abundance of land has made Jacksonville prime for development.
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.
How Has the Pandemic Impacted Jacksonville’s Commercial Investing Outlook?
Like other metros, Jacksonville has been hit hard by the COVID-19 pandemic. However new construction is still being planned, with other previously planned development still on track. The population growth is not expected to slow. On the contrary. Jacksonville has been a boom town for population growth since the start of the pandemic. All of Florida experienced record population growth as more people working from home move to the state from other parts of the country. In Jacksonville, net arrivals have been up almost 11% since the start of the pandemic. In fact, Jacksonville is listed on most surveys as one of the safest markets to invest in commercial real estate, even as the pandemic rages on. Investments in health care, industrial, e-commerce and tech has Jacksonville poised to ride out the pandemic. The country’s hottest commercial real estate need, warehouses, are being planned and built in our market. In Florida, commercial real estate occupancy has entered a 10-year high, with Jacksonville as a leader. Jacksonville’ job market was not hit as hard as the rest of the country during the pandemic. Jacksonville’s overall unemployment rate was lower during the pandemic than the United States‘ total average. Jacksonville, due in part to Florida’s loose restrictions during the pandemic, saw half of its economy bounce back by summer of 2020. Jacksonville’s number of unemployed people has gone down nearly every month in 2021. These numbers have helped stabilize confidence in the commercial real estate sector. Even as some offices still sit empty, there is plenty of reason to be excited about the commercial industry in Jacksonville.
Trust an Independent Team with Intimate Knowledge of the Jacksonville Metro
Landmark Commercial Real Estate knows the Jacksonville market and knows how to find the right commercial property for your needs. Our brokers are experienced, professional and have the knowledge you need to guide you through the investing process. We also have a proven track record in getting our clients the results that they desire. 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! If you’re looking to sell, Landmark offers unparalleled personal brokerage services. Click here to list a property with us, or contact us to tell us about your needs.