Jacksonville’s industrial and retail markets remained strong while the office market continued to struggle during the fourth quarter of 2021.
The metropolitan area’s unemployment rate dropped and population growth continued, both positive for commercial real estate.
When completed, the first-quarter 2022 real estate firms’ analysis likely will reflect rising inflation and interest rates.
Return to in-person shopping sees vacancies shrink
Franklin Street reports that the Jacksonville retail market is thriving as consumers eagerly returned to in-person shopping over 2021.
“North Florida residents seem to be enjoying a healthy consumer confidence for spending these days, especially in the dining and entertainment sectors.”
Franklin Street said the market continues to attract new-to-market tenants while existing retailers seek to expand.
It said service-based retail, fitness centers, boutique shops and discount retail are active.
Some big-box retailers are looking for new locations, but at a smaller square footage.
“Tenants with proven pandemic- and internet-proof strategies will have an advantage,” Franklin Street said.