Despite some persistent challenges related to the pandemic, Jacksonville’s retail market is gaining momentum. Well capitalized operators are actively searching for new sites across nearly all categories including quick service restaurants, automotive, gas, and even boutique fitness among others.
The solid pace of leasing activity has helped keep market rents elevated – today market rent is $0.50 higher than it was pre-COVID. Vacancy has also remained far below anticipated levels. Much of that has to do with eviction moratoriums and government assistance programs but certainly some can be attributed to pace of leasing. At this point, we feel confident in saying the worst is behind us.
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