West Palm Beach Retail Market Report

Demand skewing toward multi-tenant properties. Leasing activity is rising heading into 2026, with the metro recording its strongest quarterly net absorption since 2022. Availability remains limited across both multi-tenant and single-tenant properties. Multi-tenant vacancy, in particular, stood at 3.7 percent at year-end, 100 basis points below the segment’s 2015-2019 average. In contrast, the single-tenant vacancy rate of 4.2 percent is just 40 basis points below its pre-pandemic norm. This divide is especially notable in West Palm Beach proper. Multi-tenant vacancy here declined to its lowest point on record late last year, while single tenant noted a 100-basis-point annual jump. Elsewhere, slower population growth in recent years is contributing to weaker leasing across tenancy types in the Jupiter submarket. At the same time, West Lake’s rapid expansion may begin translating into a long-term demand catalyst.