While retailers are anxious, out of towners are targeting Jacksonville
The retail sector in Jacksonville ended 2022 with low vacancy rates, increasing rents and high demand, according to reports from two leading brokerages.
“With the exclusion of malls, all the major retail types have continued their downward trends with a minor uptick this quarter due to the massive amount of development occurring in the market,” the report stated. “We anticipate retail demand to remain strong throughout the quarter and heading into 2023.”
“Like previous cycles, we are entertaining a lot of interest from buyers who have given up trying to find something that makes financial sense in South Florida and have retreated to the relative bargain of North Florida,” the report said. “Fourth quarter activity in the space reflects the displacement in the capital markets due to rate: only one deal of $10 million or more closed.”
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