Jacksonville Market Report 1st Quarter 2018
Despite a volatile stock market and extension into the second longest expansionary period in U.S. history, commercial real estate has shown no signs of slowing down through the first quarter of 2018.
The Jacksonville story is all about job creation with the area’s unemployment rate standing at 3.5%. The area added 21,500 jobs over the past 12 months, a 3.1% growth rate compared to the statewide average of only 2.0%.
The successful local employment market is anticipated to get even stronger with the real impact of the Tax Cuts and Jobs Act (TCJA) not likely to be seen until late 2018/early 2019, as companies big and small work through the implications of this complex and broad legislation.
Activity in Northeast Florida has continued the momentum from last year into 2018, and real estate investment appetite appears undeterred even with the recent rise in interest rates.