Northeast Florida’s booming commercial real estate market is gaining national attention once again. CoStar has ranked Jacksonville 2nd in retail rent growth. Technically Jacksonville is tied for 2nd with Tampa. Overall Jacksonville is one of four cities to make the list, with Miami finishing in 9th place. Our neighbor in the central part of the state, Orlando, tops the list.
CoStar compiled the data over the last 12 months. While the narrative in the media focuses on the dying aspects of retail, namely shopping malls and former anchor’s like Sears, according to CoStar, that is only telling one side of the story. In fact many malls and other abandoned retail spaces are being transformed, headed largely by grocery and mixed-used tenants.
Grocery is big in Florida, with Publix leading the way. The CoStar article mentions the recent sale of Windsor Commons for $21.5 million. Windsor Commons is anchored by Publix. Most big sales have involved grocery anchors, especially in Florida.
The top three cities, Tampa, Jacksonville and Orlando all share more in common than being in the Sunshine State. Tourism, combined with significant job growth has led to the retail rent boom in all three metros. Construction has been lower which helps keep rent high. While Clay County has a number of areas open for retail development, the small percentage of construction will keep retail rents strong for investors for the foreseeable future.
With more retail growth expected in Jacksonville and Clay County investors are flocking to the region to take advantage of the long term outlook. That means now is the perfect time for you to take advantage of the wonderful commercial real estate investment opportunities in Jacksonville. Let Landmark and our years of experience guide you to the right investment for your needs.
Contact us today to learn more about retail investment opportunities in Jacksonville, Clay County and other surrounding areas. For more real estate news and information like us on Facebook.