Downtown is home to Jacksonville’s tallest buildings, three Fortune 500 Companies, nearly eight million square feet of commercial office space, more than two million square feet of government buildings, and a robust collection of historic and mid-century architecture. This year, FIS (fintech) and JEA (electric authority) are topping off their new headquarters in Downtown.
Commercial lease rates are holding steady while vacancy rates are driven by larger than normal swings in occupancy as many firms opt for increased flexibility and a couple large Downtown tenants put space on the market in the past year. To incentivize use of Downtown’s commercial building stock, the DIA offers a Commercial Revitalization Program to provide funds to tenants for new leases involving existing office space as a way to offset parking costs, while the City provides Business Infrastructure Grant/Loan to attract economic development by providing access to capital for infrastructure improvements to commercial businesses that increase the tax base.
Source: CBRE Group Inc., ESRI
& Duval County Property Appraiser
