In 2024, the retail sector of commercial real estate in Jacksonville experienced strong performance, marked by low vacancy rates and high tenant demand.
This positive trend was particularly evident in several high-growth areas such as World Golf Village and Beachwalk in St. Johns County, Wildlight in Nassau County, and the Middleburg and Green Cove Springs markets in Clay County.
Duval County also saw continued demand, especially in key core markets like St. Johns Town Center, River City Marketplace and the Beaches.
In addition to these established areas, there was a noticeable uptick in retail activity in Jacksonville’s urban markets.
Notable projects are underway in neighborhoods like Downtown, Springfield and Murray Hill.
Looking ahead to 2025, the outlook for Jacksonville’s retail market remains promising.
There is significant potential for tenant expansion, particularly in well-positioned retail spaces that are expected to become available.
Notably, several large retailers — Big Lots, Party City, and Joann Fabrics — recently filed for bankruptcy, leaving behind prime spaces for new tenants.
This opens up opportunities for other retailers to step in and capitalize on available locations in these high-demand areas.
Overall, the retail market in Jacksonville is poised for continued growth, with strong demand, expanding markets, and exciting opportunities in both suburban and urban areas.
Ricky Ostrofsky is a member of the NAIOP Commercial Real Estate Development Association Northeast Florida Chapter.