South Florida Retail Report

PALM BEACH RETAIL MARKET

Palm Beach’s retail market remained stable over the last year even through the pandemic. Vacancy reached a high of 4.9% during the height of the pandemic, but only 70 basis points higher than the 5-year average. Triple net asking rates increased to $26.34 psf, up 6.6% over the year. Similiar to Miami-Dade, Palm Beach county was a hot spot for new residents and companies from the Northeast, bolstering retail growth in area high streets, like Worth Avenue, as well as suburban submarkets.

Quick Stats

Inventory: 80 MSF Average Asking Rate: $26.34/NNN Vacancy Rate: 4.5% Under Construction: 516,304 SF

Source : Costar

Key Areas/Developments

Key Areas/Developments Downtown Boca Raton

Set in the southern most part of Palm Beach County, Boca Raton is known as one of the most luxurious suburban areas in the tri-county area. Mizner Park serves as Downtown Boca Raton’s premier shopping destination. The site is slated for redevelopment of it’s amphitheater which will help draw more crowds for various events. Mizner’s outdoor, park-like environment, caters to social, entertainment, and dining experiences as well as luxury designer stores for visitors. Delray Beach - Atlantic Avenue Downtown Delray is located between Boca Raton and West Palm Beach. It is locally known as a beach town with old Florida historic structures. Atlantic Avenue, locally known as The Ave, is Delray Beach’s main street for nightlife, entertainment, dining, and shopping. Sundy Village , a new mixed-use development, will have 26,000 sf of retail and restaurant space as well as an underground garage with 267 spaces. Historical homes will be preserved and operate as 7,000 sf of retail. Worth Avenue Worth Avenue, Palm Beach County’s most opulant area, is located on Palm Beach Island. Palm Beach Island is known for famously wealthy individuals to live as well as vacation in winter months. The renowned Worth Avenue is the area’s main retail corridor and is arguably one of America’s most upscale shopping districts with designer stores and high-end restaurants.

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