Jacksonville’s retail market faces tough times ahead in 2010 with the vacancy rate expected to climb above 12 percent and the average asking rent expected to fall to 2003 levels, according to the 2010 National Retail Report by Marcus & Millichap.
The report estimates that the lingering effects of the recession will cause a jump of 100 basis points in the local vacancy rate to 12.3 percent this year and rents will slide 3.4 percent to $14.12 per square foot.
Jacksonville ranked No. 43 in the report’s annual National Retail Index, which ranks 44 retail markets based on a series of 12-month, forward-looking supply and demand indicators. The city’s ranking was up one from last year.
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