Jacksonville Retail Market Report

Coastal suburbs in the strongest position. Jacksonville will record the sixth-fastest pace of 65-plus population growth among major metros this year, fueled in part by out-migration from New York and Miami-Dade. A lower cost of living bolsters the local retirement population, in turn lifting consumer spending and tenant demand for retail space, especially in Jacksonville’s coastal communities. St. Johns County, the third-largest submarket by inventory, ended 2024 with vacancy at 1.9 percent — the second-lowest rate metrowide. With planned move-ins from Sprouts and various restaurants and health & beauty concepts, vacancy should stay tight here this year. The central parts of the market, however, face some challenges. Vacancy was above six percent across Downtown Northbank, Northeast and Northwest Jacksonville in 2024. Nevertheless, improving office occupancy, especially in Northeast and Northwest Jacksonville, may lift midweek foot traffic at local retailers, helping fundamentals.