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Market Report

Jacksonville Retail Market Report

4Q 2023

Robust Population Growth Continues to Support
Local Retailers, Even as Pace of Progress Cools

Leasing trends reflect the climbing number of residents. Whether downtown, in scenic locations or out by expanding suburbs, retailers have continued to show interest in Jacksonville this year. Recent sizable leases signed by Burlington Coat Factory in Downtown Northbank, Nordstrom Rack near the coast, and Bass Pro Shops in St. Johns County illustrate this trend. Overall, demand for space is most apparent among discount and outdoor apparel retailers, as well as fitness concepts and restaurants. This behavior is consistent with the strong job and population growth observed here in recent years. As of August, the metro’s employment base has increased by 10.5 percent since the end of 2019, triple the national pace. Aided by this hiring, greater net in-migration is bolstering retail fundamentals.
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