R
etail real estate demand remains strong, with Downtown Jacksonville being a prime example. At the recent ULI North Florida 2025 Trends in Real Estate Conference, Franklin Street's Carrie Smith noted that commercial real estate is currently thriving. "We are the darling of commercial real estate right now," she said, attributing this success to fundamentals that were in place before COVID-19.

    Smith joined a panel discussion on retail trends alongside Colliers' Matthew Clark and Of Place's Jake Myatt. They agreed that retailers have adapted to the post-pandemic landscape, with many finding innovative ways to succeed. The trio highlighted Jacksonville's growing appeal to national retailers, citing St. Johns Town Center, Riverside-Avondale, and now Pearl Square as attractive destinations.

    Myatt, who is working on the Gateway Jax project in Downtown, emphasized that few cities are breaking ground on new developments like Jacksonville. The Pearl Square mixed-use project will feature 1,250 residential units, retail space, a festival street, and public areas. Clark, tasked with attracting tenants to Pearl Square, noted that national retailers are aware of Jacksonville's strengths.

    The panelists agreed that landlords are investing in build-out costs to attract sought-after tenants, which can pay off by drawing other retailers to the area. Smith pointed out that intensive data analysis is now used to track consumer patterns and inform tenant selection. The group also observed that Jacksonville is entering a new phase of attracting national brands, with luxury retailers establishing their first presence in the city.

    Clark summed up the current state of retail real estate: "The day of doom and gloom...is over."