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Q3 2021 Jacksonville Retail Market Report

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Jacksonville’s retail market is quietly on a roll. After peaking following the onset of the pandemic in 2020, vacancy is back to a near record low. Market rents have been rising consistently since the third quarter of last year, posting a nearly 7% increase year over year. With a very healthy demand, limited supply of space, rich construction pricing and measured financing for new construction, landlords are in the driver’s seat. Second generation restaurant spaces continue to be a needle in the haystack, with landlords pressing their advantage by offering limited tenant inducements on those spaces. Landlords looking to compete would be smart to offer improvements for well capitalized users. Our leasing teams are fielding interest from nearly all categories but are especially focused on quick service restaurants, specialty fitness concepts, gas, car washes and other automotive related uses.

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Q3 2021 Jacksonville 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

Prior to joining Colliers International Northeast Florida, I was a Director for Franklin Street Retail Services. In that role, I helped oversee a portfolio of more than 3.1 million square feet for national and regional clients.  I also specialized in Tenant Representation; retailers represented include Dollar Tree, Brixx Pizza, Scout & Molly, Grabbagreen, Honeybaked Ham, Cato Fashions, Pure Barre, Save A Lot, Tijuana Flats, Great Clips, Smoothie King, Hurricane Grill & Wings, Newks Express Cafe, Jimmy Johns Gourmet Sandwiches, Hibbett Sporting Goods, Panda Express, Retro Fitness & Phenix Salon among others. I am a former International Council of Shopping Centers Jacksonville Next Generation program Chair, and have now assumed the role of State Chair for the Next Gen program for 2018/19.  

 

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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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Karen Hong

Director

Jacksonville

AREA OF EXPERTISE

Specializing in third-party leasing for retail and site selection for regional and national tenants pursuing the Orlando, Miami, Tampa, and Jacksonville markets. I have worked with Top National Tenants such as Bento Café, Hungry Howie's Pizza, Bojangles, and Boost Mobile. I also focus on commercial retail investment sales within those Florida markets.

To date, I have overseen total sales transactions of over $20,000,000 and have leased over 140,00 square feet.

BUSINESS BACKGROUND

Having owned and operated many restaurant businesses, I often focus on restaurant sales. Bringing knowledge and the ability to speak fluent Mandarin Chinese gives me the capability to work with tenants spanning multiple industries and help them negotiate leases and prepare for acquisitions.

 

 

 

 

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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

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 40 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 1,100 transactions in excess of $1.2 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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