Jacksonville Retail Market Report

Higher-quality spaces outperform. Jacksonville retail continues to benefit from growth in both population and annual gross metro product that rank among the top 10 major markets. Net absorption in 2025, however, lagged behind prior years. Much of this weakness stemmed from relinquishments across older properties, as tenants increasingly prefer newer spaces. While this trend will likely weigh on overall net absorption in 2026, gradual improvement is expected ahead amid a modest uptick in big-box leasing activity in late 2025, largely driven by discount retailers and supermarkets. Performance also remains geographically uneven across the metro. Areas like St. John’s County and the beaches maintain vacancy rates below 3 percent, while demand rebounded sharply in the Southside in late 2025. Conversely, weaker population growth is likely to persist, weighing on demand in Mandarin and Downtown, particularly among multi-tenant properties.