A pair of brokerages evaluating the Jacksonville retail scene reported strong growth due to migration despite a potential decrease in capital because of the general economic situation.
Franklin Street reported a vacancy rate of 10% with rent per square foot at $17.82.
The report cited Jacksonville’s market as a gateway metro for Florida with its record level of population growth throughout 2022, particularly growth in downtown retail.
“With the relocation of franchise concepts to the downtown area, consumer demand continues to increase,” the report stated. “The metro has positioned itself as a home for Fintech companies, which attracts a higher consumer demographic.”
Franklin Street also listed the top buyers of retail space during the quarter with Publix Super Markets Inc. having the largest market share of 32.54%. CTO Realty Growth Inc. had 13.89% of the market share, Core Management LLC had an 8.81% market share, Blue Owl had 8.45%, with the remaining 36.31% shared by six companies.