To our Clients, Partners, Family and Friends,
While the past seven weeks have been some of the most unusual in modern history, we are exceptionally proud in the way our staff has mobilized and united with a firm commitment to “Succeeding Through Disruption”. Our relationships with clients and partners are paramount during this unique time, and our experienced team of professionals is grateful for the opportunity to serve you in this time of need.
As you digest our Q1 2020 market report, keep in mind that the statistics in this report are as of March 31, 2020 and do not necessarily reflect any immediate impact from the coronavirus pandemic. While we do acknowledge this pandemic will have far reaching impact on the commercial real estate market, we are confident in the ingenuity and resilience that has defined the United States economy for centuries.
The NAI Hallmark team has seamlessly transitioned to different work environments, many outside of our headquarters building. However, we remain ready and willing to help with your individual needs. We are monitoring the situation daily and spending a significant amount of time working with landlords, tenants, buyers and sellers to navigate what is uncharted territory for all of us. Each day we are uncovering new ways of addressing the challenges faced as a result of this pandemic so we can move forward, stronger.
We encourage you to follow us on social media, as we use this time to highlight the many ways that businesses, including our own, are #SucceedingThroughDisruption in Northeast Florida and around the world.
Featured in this quarter's Jacksonville Market report:
  • Read exclusive insights from NAI Hallmark brokers on Jacksonville's biggest sectors.

  • Learn about the major leases and sales closed over the last quarter.
  • See tables and graphs of historical asking rates, vacancy rates, and absorption.

  • Discover what big news is happening in the coming months.
OFFICE SALES ACTIVITY
Investment activity has been elevated for the past seven years and is currently near record highs. Sales volume within the last year has exceeded $700 million. Pricing jumped in 2019 and after loosening a bit the year prior, cap rates have compressed slightly in the past year.
RETAIL RENT & VACANCY
At over $18/SF, the average retail asking rent in Jacksonville is 16% lower than the national average. This also represents a 22% discount compared to nearby Orlando.
INDUSTRIAL ABSORPTION
As a testament to the market’s strong occupier demand and location advantage, investor interest in Jacksonville’s industrial market has remained strong. More than $400 million was invested in the market in four of the past five years. Price per SF has increased steadily the past few years, and cap rates have compressed to the low-7% range.
FEATURED PROPERTY
MountainStar Capital
5000 Sawgrass Village Circle | Ponte Vedra Beach, FL 32082

Class A office building with golf views and common area restrooms. Located in prestigious Sawgrass Village in Ponte Vedra Beach. Close proximity to retail restaurants, TPC, Sawgrass Marriot, Sawgrass Country Club, and Marsh Landing Country Club.

IN THE NEWS
NAI Hallmark Senior Vice President Daniel Burkhardt selected for Hightower Emerging Leaders Fellowship
March 11, 2020

Texas company buys Cypress Business Center for $8 million
February 18, 2020

Miami company acquires Baymeadows Business Center
February 17, 2020

+1 904 363 9002
NAI Hallmark has a 27-year history of successfully managing commercial real estate to its highest performance.
Our team is committed to providing best-in-class service to our clients and takes an owner’s perspective approach to unlock the full potential of every deal.

It would be our privilege to work with you.
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