Metro Focus – Jacksonville, FL
Did you know Revista is now tracking Occupancy, Absorption, Completions, Rents and Rent Growth within MOBs located in the top 125 metro areas?
Let’s take a look at the Jacksonville market. At 7.7 million square feet (MSF), Jacksonville’s MOB market is the 36th largest market in the US based on total SF. Jacksonville has been growing over the past year as over 700,000 SF has been delivered to the market since the middle of 2018. Despite this growth, Jacksonville boasts the highest occupancy rate among the 50 largest metro areas (and 7th highest among the top 125). It occupancy rate was 95.5% which has fallen from 95.9% one year ago. At $20.07 NNN rent per SF, Jacksonville has the 45th highest average rent among the top 125 metros. Same store rent growth is not so strong in Jacksonville. SS rent growth was 1.4% in 3Q19 but was negative for much of 2018 and early 2019. There is construction in the market. Baptist Healthcare Jacksonville has several projects underway including the $29 million Baptist Health Place at Nocatee. The Mayo Clinic Jacksonville is also active and in the midst of various medical construction projects valued at over $500 million. Mayo reports that it will more than double its existing Jacksonville footprint with over 520 MSF of new facilities for patient care, biomedical research, education and technology. Revista’s metro reports are updated daily so please check the Jacksonville Metro report to monitor any changes in market fundamentals. Current Jacksonville Trend is below: