Commercial Real Estate, Capital, Insurance, Leasing & Management

Small business, big impact: Keeping Jax’s holiday shopping local

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Carrie Smith, Managing Director for Franklin Street, says higher construction costs are being passed on to retail tenants in Jacksonville.

Excerpted from Jacksonville Business Journal story.

On a statewide level, business owners remain positive about both their own business and the local economy. In a PNC Economic Outlook survey, 55 percent of business owners felt optimistic about their own business and 46 percent felt optimistic about the local economy. Earlier this year, WalletHub named Florida the No. 6 best state to start a business in.

Although optimism may be high, risks are too. For the greater Jacksonville area, rents have risen 12 percent year-over-year. CBRE Florida Research Manager Scott Brien, in a previous interview with the Business Journal, said the primary cause of the increase is Jacksonville’s 2 percent annual population growth rate. Construction costs are up too, according to Franklin Street Managing Director Carrie Smith in a previous interview with the Business Journal, with costs being passed on to tenants in the process.

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