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Q1 2022 Retail Market Report

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Key Takeaways

  • Market rents moving up quickly
  • Vacancy at an all-time low
  • Development remains conservative
  • Buyers actively seeking retail investment, no sellers

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Q1 2022 Retail Market Report

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Related Experts

Jason Ryals

Executive Director

Jacksonville

Jason has over 16 years of experience in commercial real estate in Northeast Florida. He has completed over $400,000,000 in transactions in his career. His brokerage activities are focused on Tenant representation and expansion for National and Regional restaurant and retail chains, outparcel marketing and asset disposition.

Jason has extensive knowledge of the North Florida market, along with strong relationships with the dominant landlords and development companies in the region

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Nancy Sumner

Senior Director

Jacksonville

I most recently served as a North Florida market Partner and Senior Leasing Advisor for The Shopping Center Group, where I  managed 40 properties totaling more than 7.5 million square feet of retail space.  I have  over 12 years’ experience in landlord representation and lease negotiations in retail services to grow Colliers International
Northeast Florida’s landlord services. I specialize in neighborhood shopping centers, ground-up, mix-use retail, grocery-anchored and redevelopment projects through a meticulous understanding of the surrounding trade areas giving landlords analysis of the voids within the submarket to attract new retailers.


 

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Katy Figg

Senior Director

Jacksonville

Sumner-Figg Team

Katy Figg and Nancy Sumner, Senior Directors of Colliers Northeast Florida, are consistent in providing real results for their clients with their dynamic approach to Landlord representation. Katy and Nancy are the sole retail brokerage team in the region exclusively dedicated to Landlord leasing, supported by a multi-faceted international firm that offers a range of services to benefit their diverse portfolio.

The team’s concentration in this niche provides their clients with invaluable resources and unparalleled expertise.  Their experience extends to engaging across all phases of ground-up, mixed-use retail, and redevelopment projects. Katy and Nancy’s portfolio of 2.5 million square feet consists of grocery anchored and power centers, boutique retail, and mixed use developments. The team has a comprehensive approach to marketing a project, including an in-depth understanding of the trade area and competition, creating a an intentional merchandising plan to deliver the highest and best uses that incentivize cross- shopping between retailers, and developing strategic target list using void analysis, retail marketplace profiles, along with several other Colliers resources.

Katy and Nancy continue to grow their revenue along with their portfolio year over year; in 2021 the team closed 56 deals with a transaction total of over $31m, with over 113,000 square feet leased and over 212 acres sold. Both Nancy and Katy have been active members of ICSC for over 15 years, are consistently named Costar Power Brokers, and have provided their expertise in a number of media articles focused on commercial real estate in North Florida. 


 

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Matthew Clark

Senior Director

Jacksonville

Matthew has experience with a broad spectrum of retail and office real estate product types, including urban retail streets and districts, New Urbanism developments, mixed-use developments, traditional strip malls, and grocery-anchored community centers. From multi-level marketing campaigns for retail and office assets to detailed operational analyses and strategic repositioning of underperforming assets, Matthew provides professional services that enable landlords to realize the highest value for their office or retail properties.

Prior to joining Colliers International, Matthew served for more than a decade as Senior Vice President at Jacksonville-based Prime Realty. There he oversaw combined sales and leasing transactions of more than $250 million over an aggregate 1.5 million square feet.

Matthew’s office portfolio at Prime encompassed some 330,000 square feet with a focus on urban-infill opportunities. There he worked with landlords to reposition and rebrand office assets for growth in occupancy rates and market value. He also helped tenants spanning multiple industries negotiate leases and prepare for acquisitions.

Likewise, in retail settings, Matthew was instrumental in repositioning markets and assets to garner higher rental rates. In Jacksonville’s Five Points submarket, his work with new local and regional tenants realized a 167 percent rent increase over a five-year period. He also assisted in site selection on behalf of a diverse portfolio of regional- and national-name tenants.

Before joining Prime, Matthew served as Program Manager at Ponte Vedra Beach-based MarketingExperiments, the first internet-based marketing research lab. There, he and his team optimized marketing and sales processes on behalf of companies such as Royal Bank of Canada, Reuters, the New York Times and Schlumberger. Prior to that, he developed and implemented marketing strategies and digital tools to showcase residential properties for The Vestcor Companies.

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Gary Montour

Senior Director

Jacksonville

Gary Montour joined Colliers International in 1983 and has consistently been one of North Florida’s Top Producing Commercial Brokers. He completes 60 to 80 transactions per year and has generated more than $145 million in sales and leasing over the past five years.

Gary has closed deals ranging from small leases, through medium and large sales and lease transactions, to the largest of investment sales. His $30 million multi-property investment deal in 2007 was the biggest among 10,000 Colliers brokers.

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Jason Hinson

Senior Associate

Jacksonville

Mr. Hinson has over 30 years of Commercial Real Estate Experience in the North Florida Market. Jason has a broad experience in leasing, selling and the development of properties in the disciplines of retail, office, industrial and land. He has focused the majority of his career in the Retail Market. Mr. Hinson’s brokerage activities comprise of both Tenant & Landlord representation for local, regional and national companies. Jason currently represents several Shopping Centers in Jacksonville and the surrounding areas.

He provides his clients with great insight and detailed information that helps minimize their time & efforts for each unique & particular situation.

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Gina Kline

Senior Associate

Jacksonville

Kline's commercial real estate career began over a decade ago. Specializing in the retail sector, her team focuses on tenant representation and asset disposition. A deep understanding of  research, marketing, GIS storytelling as well as a background in retail management, investment advisory service, and small business ownership, bring an entrepreneurial spirit of creativity and focus to her deal making. Proud to be part of the Gator Nation, she received a Bachelor of Science in Business Administration in 2010 from the University of Florida.  Go Gators!

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Robert Selton

Senior Executive Director

Jacksonville

Raised in a “real estate family” in Amelia Island, Florida, Robert W. Selton, III, graduated from Rollins College and shortly after began his promising Commercial Real Estate career. 

Early in his career, Bob acquired mentors in the industry who have helped him to become an effective contributor in the market. In his days at Colliers Dickinson (to be later named Colliers International), Bob positioned himself as an eager dealmaker ready to connect with his customers and guide them to achieve their desired results. 

Now, as a seasoned Commercial Real Estate Influencer, Bob has earned more than 46 industry awards and recognitions of achievement for his professionalism and tenacity in the market. Mr. Selton has consistently remained a top producer in Northeast Florida completing over 1,550 transactions in excess of $1.45  billion. Bob is currently one of the Top 10 Investment brokers in Colliers International. 

By focusing on his clients’ expectations, Bob provides the best solutions to achieve their individual goals and provide a big picture understanding of the market.

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Sam Middlekauff

Associate

Jacksonville

Sam joined Colliers International in June of 2021 as an Associate. As a life long resident of Jacksonville, Sam has a vast knowledge of the local market along with deep connections in the community that allow him to navigate through the complexities within this industry. He brings experience in sales, acquisitions, and financial analysis as he works alongside Matthew Clark and continues to develope and grow as an Associate.

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Olivia Steinemann

Associate

Jacksonville

Olivia graduated from Florida State University's College of Business. Following graduation, she moved to Jacksonville to build her career in commercial real estate.  Over the past couple of years, Olivia has worked as a Sales Associate at Steinemann & Company. During her time in this position, she focused on generating sales and leasing leads for office, mixed-use, and land development. In addition, Olivia had the opportunity to collaborate with developers in the Jacksonville area and work on large-scale projects such as World Commerce Center, San Pablo Place, and Sutton Place at Windsor Parke. As a Colliers associate, Olivia strives to bring creative concepts to the Jacksonville area and set the stage for future generations to thrive.

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