Another sign that the state's economy is improving is a significant uptick in retail development, especially in South Florida.
At the end of June, almost 2 million square feet of retail development was under construction across the state, according to the Florida Retail Report prepared by commercial real estate firm CBRE.
Compare that to 2011 and 2012, when the total for those two years was 850,000 square feet.
"From urban centers to suburban shopping malls, retail in Florida is in a growth mode, thanks in part to a recovering economy and housing market," the report said.
In fact, the report touts many positive signs for the state. Tourism is at a record high, consumer confidence has been on the upswing since the beginning of the year and the housing market continues to recover.
Compared with the "uncertainty" of 2012, this year "feels like a brand new day," the report said.
Although Jacksonville has the highest percentage of empty retail space at 10.6 percent – compared to Miami's 4.1 percent – our percentage has dropped from 11.5 percent since the second quarter of 2012.
Walmart Neighborhood Markets helped ease some pressure locally by opening locations in former Food Lion spaces that were vacant, the report said.
"This positive growth is prompting optimism for investors, landlords and new tenants to enter the market, allowing new retail developments to commence and occupancy rates to decrease," the report said.
Tampa Bay has the most vacant sublease space available in the state — more than 800,000 square feet — accounting for almost 80 percent of the total vacant sublease space across the state.
When it comes to shopping centers under construction, Jacksonville has 35,000 square feet with the Nordstrom Rack at The Markets of Town Center, behind Miami (1.15 million), Orlando (475,000), Broward (214,000) and Palm Beach (62,000).
The report points out the Nordstrom department store coming to the St. Johns Town Center increases that number to 159,000 square feet of retail space.
Our friends in Tampa Bay trail all Florida markets with 0 square feet of shopping center space under construction.
Other good news for Jacksonville includes the recent sale of The Markets at Town Center, which the report calls one of the largest in years. The 350,000-square-foot center sold for $135 million.
Another big sale in Northeast Florida was the Villages of Amelia shopping center in Yulee, a 175,000-square-foot center that was purchased for $21 million.
The report also points out that the Parkway Shops at River City Markeplace in North Jacksonville was 100 percent pre-leased. The construction was completed in the first half of this year.
Ever hear of Echo Boomers? They're the generation born between 1980 and 2001 and they're causing a significant change in where and how people live, according to a perspective published by Florida State University.
Shunning the trend of generations before them who enjoyed life in the suburbs, Echo Boomers are being credited with reviving urban living, the report says.
"Instead of expanding the metropolitan boundaries as their predecessors have, they are seeking an active lifestyle in the urban areas," the report says.
There are approximately 4.5 million Echo Boomers (also known as Generation Y) in Florida, which makes up 24 percent of the population.
What that means in Jacksonville, for instance, is the new residential and retail development going up in Brooklyn/Riverside will create an "Echo Boom" in our city.
In fact, the Riverside area in Jacksonville is cited as one of the most successful core retail areas in the state for this generation. Others include Downtown Orlando and the Brickell, Wynwood and Midtown districts in Miami.
The interest in Downtown from young Echo Boomers to retired couples proves there's wide interest in the lifestyle of a self-sufficient downtown.
It also emphasizes that we need to strengthen our efforts to make Downtown a vibrant 24-hour environment.
The infrastructure is in place. The planning and commitment need to follow.
— Jim Bailey is publisher of Realty/Builder Connection and president of Bailey Publishing & Communications Inc. He can be reached at [email protected].