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Report: Northeast Florida’s Retail Vacancy at All-Time Low
Vacancy in Northeast Florida’s retail market currently sits at an all-time low of 3.9%, according to Colliers International Northeast Florida’s recently-released semiannual retail report. Additionally, market rent in the region is now at $18 per square foot, nearly 5% higher year-over-year.
Construction activity remains elevated by current cycle standards, but low relative to prior cycles, Colliers reports. Much of the construction taking place in the Northeast Florida market remains centered in St. Johns County, which has been the epicenter of single-family housing growth for the last 10 years.
The firm does report some headwinds building that could slow rental rate growth. Moving into 2020, Colliers expects to see slowing rent growth and flat-to-decreasing occupancy.
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