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Jacksonville development expected to be greater than previous decade

  • ​There has been very little office development in Jacksonville that adds to the leasable inventory over the last 10 years. Both 2008 and 2012 had 2 buildings added to market as BTS deals. 

  • During this development cycle, one developer has been active in the butler corridor submarket. VanTrust speculatively developed Town Center One, a 160,000 square foot office building, in early 2017,  leasing most of the project to Availity before completion later this year.

  • After Town Center One leased, signed a lease for a 220,000 square foot build-to-suit next door at Town Center Two. McKesson has also agreed to a 125,000 square foot build-to-suit on the same street.

  • This surge of development activity was unexpected, given lackluster rent growth in the market, but as of year end 2017, more development  (505,000 s.f.) is expected in the next three years than in the previous decade (316,929 s.f.).

Source: JLL Research​

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