· Covers 3Q 2026 · Data as of October 2026 · Ironmark research
Jacksonville industrial vacancy was 9.5% in 3Q 2026 (data as of October 2026), and average asking rent was $8.69 per SF per year, according to Ironmark’s 3Q 2026 Jacksonville Industrial Brief.
In Jacksonville, tenants are signing early while new space is still filling. Occupied space rose +1.01M SF in the third quarter and +1.94M SF over twelve months (space tenants moved into minus space they left), but 5.2 million SF of new buildings opened in that year, so vacancy (the share of space that is empty) rose to 9.5%. About 1.78M SF is being built, led by one custom build for Johnson & Johnson. Asking rent (what landlords ask) is $8.69 per SF a year, nearly flat, and buyers are now paying for empty new buildings: the typical sale is $145 per SF at a cap rate (the yearly return from rent, as a % of the price) of 7.1%.
See how Jacksonville compares with Florida’s other industrial markets in the statewide market data table.
What happened in Jacksonville industrial in 3Q 2026
The bottom line: tenants sign early; new space is still filling.
- For tenants: leverage sits in space already built: the Northside zone is 14.0% vacant, and the Northeast area 27.3%.
- For owners: aside from Johnson & Johnson’s custom build, only 42.5% of the space being built is already leased; building without a tenant is now the smaller bet.
- For buyers: investors now pay for empty new buildings; price to the 7.1% cap rate and the $145 per SF typical sale.
Four threads defined Jacksonville over the past twelve months: large users kept signing, new space is still finding tenants, rents held nearly flat, and one custom build for a single tenant leads what is being built.
- Demand: big users kept signing. Occupied space (space tenants moved into minus space they left) rose 1.94 million SF over twelve months. In the third quarter, ID Logistics took 650,000 SF on the West Side; Suddath and Dunlop renewed large spaces in place.
- New space and vacancy: new space is still filling. 5.2 million SF of new buildings opened over twelve months, more than tenants filled, and vacancy rose to 9.5%. Warehouse and distribution space is 11.3% vacant; specialized industrial (manufacturing, cold storage and similar), 3.9%.
- Rents: holding, barely. Asking rents (what landlords ask) average about $8.69 per SF a year, and rents across all buildings rose just 0.5% in a year. The Beaches and South Side ask the most.
- Being built: one tenant leads. About 1.78M SF is being built, the market consensus. In our own count of every project, which is larger, Johnson & Johnson’s 1.08 million SF custom build on Pecan Park Road is fully leased; the rest is 42.5% already leased before it is finished.
Demand drivers: transportation, warehousing and utilities jobs in the Jacksonville metro area rose 2.2% from September 2025 to September 2026 (preliminary), and JAXPORT has completed its $250 million Blount Island port modernization.
Jacksonville industrial by area, 3Q 2026
Ironmark reads Jacksonville as four zones. The Westside, 42% of all space, took 1.51 million SF of the 1.94 million SF rise in occupied space over 12 months; the Northside holds 1.87 million SF of the space being built, most of it one custom build, and is 14.0% vacant.
| Zone | Share of all space | Being built (SF) | Occupied space change, past 12 months (SF) | Vacancy | Rent vs market average | Already leased before finished |
|---|---|---|---|---|---|---|
| Northside | 26% | 1.87M | 215K | 14.0% | −8% | 69% |
| Westside | 42% | 655K | 1.51M | 8.1% | −10% | 66% |
| Southside & St. Johns | 21% | 400K | 369K | 9.1% | +31% | 35% |
| Urban core | 10% | 10K | (150K) | 4.3% | −4% | 100% |
| Jacksonville | 100% | 2.93M | 1.94M | 9.5% | — | 64% |
All industrial buildings, data as of October 2026; zones and zone totals are Ironmark analysis. Occupied space change = space tenants moved into minus space they left over 12 months; figures in brackets are drops. Rent vs market average = each zone’s rent (weighted by building size) against the market average. Already leased before finished = share of the space being built that is already leased. Area figures count every project in the source data, so they total more than the market consensus above. Northside = Ocean Way, Northeast, North Side, Nassau County; Westside = West Side, Riverside, Orange Park/Clay County, Baker County; Southside & St. Johns = Butler Corridor, St Johns, Mandarin, South Side, Beaches; Urban core = Downtown, San Marco, Arlington.
Where you sit drives the rate. Beaches rents run 90% above the market average, South Side 48% and Mandarin 41%. Northeast is 27.3% vacant, with St Johns (16.1%) and Ocean Way (13.0%) next, all well above the market. West Side led the rise in occupied space at 865,000 SF; Ocean Way, Riverside and St Johns each topped 500,000 SF.
Jacksonville industrial capital markets: sales volume, pricing and cap rates
Buyers bet on filling space. About $1.2 billion of Jacksonville industrial buildings sold over the past twelve months across 257 properties, against a $403 million historical average. Pricing kept rising: the estimated market value reached $122 per SF, up 7.1% in a year, at a 7.1% cap rate (the yearly return from rent, as a % of the price). What stands out is the risk buyers accepted: CIP bought two new, fully vacant buildings at the JAX Airport Logistics Center for $53.9 million.
Two areas carried the volume at two price points: Ocean Way, $319 million sold in 13 deals at a 6.2% cap rate, and the Butler Corridor, $308 million in 83 deals at 7.5%. The typical sale (the middle of 289 sales) is $145 per SF, against a $140 average, and sales closed about 9.5% below asking price. The largest trade was KKR’s $192 million purchase of DHL Supply Chain’s fully leased cold-storage building on Eastport Road; buildings sold were, on average, 81.5% leased.
Outlook. Leased, specialized buildings (manufacturing, cold storage and similar) still set the top price, but buyers now pay for empty new buildings too. With 5.2 million SF of new buildings opened in a year and occupied space up 1.94 million SF, owners of unleased space have buyers, at a price that allows for the time and cost to find tenants.
Ironmark’s read on Jacksonville industrial
What we’re seeing on the ground.
“New construction here is being built to order. The biggest building going up already has its tenant, and the rest is only 42.5% spoken for.”
About 1.78 million SF is being built here, the middle figure of other firms’ reports. Our own count of every project is larger, and 63.6% of it is already leased. Take out one job and the picture changes: Johnson & Johnson’s 1.08-million-SF Building G on Pecan Park Road, committed before construction started, is the biggest project. Everything else is 42.5% already leased. Space without a tenant is still going up here, but it is now the smaller bet; the big commitment came with a name attached. That fits a market that finished 5.2 million SF in twelve months while occupied space rose 1.94 million. If you are a large user, your leverage is in the vacant space already built; if you need something custom, plan to commit early and expect to sign before the steel goes up.
— Matthew L. Phillips, SIOR · (561) 621-5466
“We said last quarter that buyers were steering clear of empty space. The full year says otherwise: $53.9 million went into two new buildings that were 0% leased.”
Jacksonville traded about $1.2 billion over the past twelve months, and the headline is still KKR buying DHL’s 603,200-SF cold-storage building, fully leased, at $318 per SF. The trade that says more is smaller. In January CIP paid $53.9 million, about $124 per SF, for two 2025 buildings at the JAX Airport Logistics Center that were 0% leased, and IWH Capital bought a largely vacant 106,250-SF building on the South Side for $10.9 million. That is buyers pricing in the risk of leasing empty space instead of refusing it. The typical sale price (the middle of 289 sales) is $145 per SF, and the cap rate (the yearly return from rent, as a % of the price) held at 7.1%. If you own new, unleased space, there are buyers for it now.
— Troy Schaafsma, SIOR · (561) 621-5489
Frequently Asked Questions
What is the industrial vacancy rate in Jacksonville?
Industrial vacancy in Jacksonville was 9.5% in 3Q 2026 (data as of October 2026), up 1.7 points in a year as 5.2 million SF of new buildings opened, according to Ironmark’s 3Q 2026 Jacksonville Industrial Brief. Warehouse and distribution space was 11.3% vacant, the Northside zone 14.0% and the Northeast area 27.3%, while the urban core sat at 4.3%.
What does warehouse space rent for in Jacksonville?
Asking rent (what landlords ask) for Jacksonville industrial space was $8.69 per SF per year in 3Q 2026, the middle figure of other firms’ third-quarter reports, per Ironmark’s 3Q 2026 Jacksonville Industrial Brief. Rents across all buildings rose just 0.5% in a year; the Beaches and South Side ask the most, at 90% and 48% above the market average.
Is Jacksonville industrial demand still strong?
Yes. Occupied space in Jacksonville rose +1.01M SF in 3Q 2026 (space tenants moved into minus space they left), the middle figure of other firms’ third-quarter reports, and +1.94M SF over 12 months, per Ironmark’s 3Q 2026 Jacksonville Industrial Brief. Large users kept signing: ID Logistics took 650,000 SF on the West Side in the third quarter, and the Westside zone took 1.51 million SF of the year’s total.
What are Jacksonville industrial buildings selling for, and at what cap rate?
The typical Jacksonville industrial sale (the middle of 289 sales over the past 12 months) was $145 per SF ($140 average), and the cap rate, the yearly return from rent as a % of the price, was 7.1% in 3Q 2026, per Ironmark’s 3Q 2026 Jacksonville Industrial Brief. About $1.2 billion traded in the 12 months against a $403 million historical average, and buyers paid for empty new buildings too, including $53.9 million for two vacant buildings at the JAX Airport Logistics Center.
How much industrial space is being built (under construction) in Jacksonville?
Jacksonville had about 1.78M SF of industrial space being built in 3Q 2026, the middle figure of other firms’ third-quarter reports, per Ironmark’s 3Q 2026 Jacksonville Industrial Brief. Ironmark’s own count of every project is larger: Johnson & Johnson’s 1.08 million SF custom build on Pecan Park Road is fully leased, and the rest is 42.5% already leased before it is finished.
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The complete PDF includes the zone and area charts, the top sales and leases, the largest projects being built, pricing by area, who is buying, and full sources and definitions. Prepared by Ironmark — free, no obligation.
Ironmark Florida Industrial Brief — Jacksonville Edition. This brief is Ironmark Capital Advisory’s own analysis and commentary, covering 3Q 2026 with data as of October 2026; it is informational and not tax, legal, or investment advice. Sources: the quarter’s occupied space change, asking rent and space being built are the market consensus, the middle figure (median) of third-quarter 2026 Jacksonville reports from CBRE, Cushman & Wakefield and Matthews; vacancy and the zone, area and project figures cover all industrial buildings; jobs data from the U.S. Bureau of Labor Statistics (Jacksonville metro area, September 2026, preliminary); port data from JAXPORT (2026 State of the Port); zones, zone totals and commentary are Ironmark analysis. From this edition the headline asking rent is the middle figure of other firms’ third-quarter reports; earlier Ironmark briefs used an estimate covering every building, which runs higher, so the two are not directly comparable. © 2026 Ironmark Capital Advisory.