Jacksonville Retail Market Report
St. Johns County is the Epicenter of Retail Activity;
Multi-Tenant Vacancy Falls to a Historic Low
Net in-migration spurs demand for necessity goods. In the trailing 12 months ended in June, St. Johns County noted the largest volume of deliveries among Jacksonville's 15 submarkets, as over 250,000 square feet came online. Despite elevated development activity, the vacancy rate in the coastally-proximate locale continued to plunge in the second quarter to 3.0 percent. Many of the projects under construction in the area were fully leased as of September. Large properties slated to come online by year-end include two Publix markets and the Treaty Oaks Marketplace. As net in-migration continues at an elevated pace and the metro household count expands, consumer demand for necessity goods will remain heightened. Additionally, there have been several proposed redevelopment projects to turn retail spaces into apartments. One such property is the St. Augustine Outlets in St. Johns County. Projects like this will further deplete availability as vacant stock is taken off the market.