Jacksonville Market Report 3rd Quarter 2020 by NAI Hallmark

The Jacksonville economy and real estate markets have strengthened significantly during the third quarter of 2020. Jacksonville’s unemployment rate began the quarter at 8.0% but after strong job growth, ended the third quarter at 5.1%. Our market continues to outperform the broader state averages, which increased to 7.6% in September. This outperformance can in part be attributed to a diversified employment base and less reliance on the tourism compared with other parts of the state.

In addition to positive strides in employment, Jacksonville is also benefitting from significant in-migration from across the country. According to a LinkedIn report, Jacksonville was the #1 ranked city in the country for net arrivals of population during the pandemic from April-August. The growth in net arrivals was up 10.7% from the same period in 2019.

This influx of population can be seen throughout the city with new homes being constructed at a pace not seen in over a decade, however, this time with much less speculative building. Homebuilder confidence is at an all-time record high and Jacksonville is a direct beneficiary. This increased activity is also occurring in the commercial markets, with transaction volume up 285% compared to the second quarter of 2020. In addition, we continue to see strong investor demand and expect to have a strong fourth quarter.

Although uncertainty still exists with the pandemic and a polarizing election cycle, we have been encouraged by the economic recovery in Jacksonville and we believe these positive trends will continue.

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.
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