Jacksonville Retail Market Report
Growing Economy Attracts Retailers;
Multi-Tenant Deal Flow Hits Record High
Retail sector poised for further growth. Robust employment gains and household formation over the past year stimulated a rise in consumer spending, which ultimately spearheaded tenant demand. At the onset of the second quarter, availability was at 4.6 percent, 30 basis points above the metro's past-decade low. Grocers and fitness concepts fueled this spike in leasing, evidenced by Publix, Winn-Dixie, Crunch Fitness and Bailey's Gym each inking deals over 30,000 square feet during the past four quarters. The metro is well positioned to sustain this momentum moving forward, as Jacksonville boasts the second-highest median household income among all major Florida markets. Additionally, recent headquarter relocations from notable employers, like Dun & Bradstreet and Nymbus, signal more high-paying jobs are on the way — a healthy sign for consumer spending and retailer space demand in the long term.