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Market Report

Jacksonville Retail Market Report

2Q 2023

Local Vacancies May Edge up from Record Lows
As Positive Absorption Prevents Notable Rises

Visitors bolster retail space needs in submarket trio. Available retail space remains limited in Southside, Jacksonville Beaches and Downtown Northbank, despite a broader stabilization taking place in the metro. Vacancy in each submarket declined to historic lows over the year ended in March, contrasting a 60-basis-point rise marketwide. A determining factor has been limited new supply, with each submarket recording annual growth rates of 1.0 percent or lower. As each area also represents a primary tourist corridor, demand for nearby retail space has also been bolstered by elevated visitations to the metro. Jacksonville International Airport recorded its second-busiest year on record in 2022, with visitors boosting retail sales in the submarket trio. The airport is also underway on more than $100 million in upgrades, which should help facilitate larger travel volumes once completed. 

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