West Palm Beach Retail Market Report

Space scarcity supports older properties. Palm Beach County tied for the second-sharpest vacancy decline among major markets over the year ended in June, with the rate falling 70 basis points to 3.9 percent. Vacancy tightened across both pre- and post-1990 built properties as demand extended even to older footprints. Notably, neighborhood center vacancy dropped 100 basis points as necessity-oriented tenants sought space, even as large move-outs lifted power-center vacancy nearly 200 basis points. Yet recent leases from off-price, recreational, and experiential tenants should aid backfilling, while Bass Pro Shops’ planned county debut shows major brands are still looking to expand.