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Market Report

West Palm Beach Retail Market Report

2019 Outlook

New Residents Supporting Household Growth and Drawing Retailers to West Palm Beach

County’s retail supported by favorable demographics.
The market boasts several underlying trends that reinforce the retail market. Population and household growth, along with income, are all significantly above the national average, boosting retail sales. Among the three South Florida counties, Palm Beach has the highest rate of population growth, which will result in a nearly 3 percent gain in households this year. Higher sales are generating space demand, reversing the first year of negative net absorption since 2009. Nonetheless, vacancy will tick up as new construction soars. Nearly half of the additional supply will come from the Alton Town Center, which is scheduled for completion at the end of this year. The impact of higher vacancy will slow rent growth, though gains will remain well above the inflation rate.

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