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Market Report

Jacksonville Retail Market Report

2024 Investment Forecast

National Brands Headline Move-ins,
Helping Improve the Local Investment Market

Residential trends east of the Southbank drive retail demand. Last year, Jacksonville’s 11.1 percent pace of rent growth was the third largest among major U.S. metros. This was bolstered by the multi-tenant segment, which also noted a vacancy rate that stood more than 200 basis points below its long-term average entering 2024. Such tenant demand across the market is supported by move-ins from big-box retailers, a trend that is anticipated to continue through 2024, following considerable population growth since the pandemic. Bass Pro Shops, Nordstrom Rack and Texas Roadhouse headline this momentum, occupying a combined 140,000 square feet of space later this year. Across both multi- and single-tenant segments, tight conditions and strong rent growth are prominent along Beach Boulevard, between the Southbank and Intracoastal. This accompanies notable residential popularity here, with the number of local occupied apartment units having grown by more than 2,300 since 2019. 
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