Southeast Industrial Labor Report_Q1 2024

JACKSONVILLE, FL

ABSORPTION, NEW SUPPLY, & VACANCY RATES

6%

0 1 2 3 4 5 6 7 8

5%

MSF

4%

3%

ABSORPTION, NEW SUPPLY & VACANCY RATES

2%

Overall Net Absorption Construction Completions Overall Vacancy Rate

1%

0%

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

1,798,003

Projected Population Change (5-Year)

8.6%

Working Age Population (Ages 18-64)

1,094,724

• 2023 was a historic year for Jacksonville as leasing activity, net absorption, and construction completions all reached record high totals. As new speculative space delivered throughout the year, vacancy increased from the all-time low of 2022. At 4.3% at the end of 2023, it was on-par with the market’s historical average. • Jacksonville’s robust pipeline deliveries were a massive driver across the board for the market’s metrics. Two 1.0-msf buildings were delivered, leased, and absorbed by Sam’s Club and Total Distribution in 2023.

Labor Force

1,033,685

Median Household Income

$65,665

Educational Attainment: % of Total Pop. Age 25+ with High School to Associates Degree

49.6%

Target Blue Collar Demographic Volume

195,013

Target Blue Collar Demographic Concentration

1.0

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

• Jacksonville has the highest labor force participation rate in the region at 97.8%.

2024 Employment Volume

28,914

38,690

Worker Concentration

0.9

0.7

Projected 5-Year Employment Growth

7.0%

5.0%

Average Wages

$21.94

$21.88

Source: Cushman & Wakefield Research, Economic Research Institute, Experian

Wage Index

103

99

Demographics include Jacksonville Metro, St. Marys Micro, and Palataka Micro

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Cushman & Wakefield | Southeast Industrial Labor Report