Construction activity has had only a minimal effect on market fundamentals as most projects have been build-to-suit. Downtown Northbank is seeing the majority of the region's current construction. In the second half of 2020, both FIS and JEA broke ground on new build-to-suit headquarters in the submarket. These two projects account for over 50% of the entire Jacksonville market's office space underway and both expect to complete in 2022. In all, Downtown Northbank is contributing nearly 70% of the entire market's current pipeline. No other submarket has more than 70k SF underway.

Jacksonville is one of the strongest rent growth markets in Florida, enjoying a growth rate more than three times the national average. Our market also boasts a low vacancy rate of 4.1%. St. John’s County continues to lead the way both in rent growth and population growth, as well as median income levels. These strong economic trends should continue to attract development across the region.

Jacksonville's industrial market has tightened significantly over the past year, thanks to minimal supply additions and improved demand. Nearly 150 basis points have been slashed off the average vacancy rate during this time period as vacancies returned to early 2019 levels.

Effective rents, now averaging $1,353 for the Jacksonville MSA, increased 18.7% year-over-year during Q3’21, while vacancy levels decreased nearly 1% during the same period. As the MSA continues to see an influx of new jobs, along with the increase in population, rents will continue to rise, while vacancy levels remain at historic lows.

Featuring panoramic views of Downtown Jacksonville and the St. Johns River, 550 Water Street offers a Downtown office experience in an expertly maintained midrise tower. Located at the corner of Water Street and CSX Drive with near-direct access to Jacksonville’s major thoroughfares, tenants will enjoy close proximity to the Northbank, Southbank, and Brooklyn neighborhoods.