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Market Report

Jacksonville Multifamily Market

2Q 2023

Class A Demand Tested in the South as
Hiring Aids Northern Apartments

Port growth kickstarts job creation in Northside. Jacksonville’s harbor is amassing new investments, including a doubling of capacity at the Blount Island Terminal. This growth is eliciting operational expansions from several large-scale firms. Ongoing move-ins are, in turn, supporting the addition of blue-collar roles and may aid near-term multifamily metrics. Representing a few of these commitments, Shoreside Logistics, Dollar General, Samsonite and Alta absorbed a combined 1.6 million square feet of industrial space between September 2022 and February of this year, all just north of the St. Johns River. With hires for these types of expansions typically falling into the renter pool, subsequent job creation should support the absorption of nearby units. Northside, registering a double-digit multifamily stock expansion last year, especially stands to benefit. 

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