Office leasing activity decelerates in Jacksonville, exerting a dampening effect on job postings

• The total number of office job postings in Jacksonville is down 10% from pre-Covid levels as of the end of the second quarter of 2023, demonstrating the result of companies pausing real estate and hiring decisions while they weather the economic downturn.
• The tech sector has experienced the largest decline of job postings, with second quarter postings in 2023 down 31% compared to pre-Covid levels (Jan. 2018 – March 2020). Meanwhile, the legal industry has emerged as a leader in post-pandemic leasing activity, demonstrating a strong commitment to returning to the office and leading to a remarkable 54% increase in job postings.
• Leasing activity has shown a year-over-year decline of 31%, reflecting the slowdown in office job postings. Nonetheless, this trend is anticipated to be transient, as industry experts anticipate a swifter rebound in Florida’s markets, particularly Jacksonville, compared to most other markets.

September 25, 2023

Additional resources

• Tenant demand within Jacksonville’s financial sector drives up office asking rates
• View the latest Jacksonville office market report

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