Marcus & Millichap

West Palm Beach Multifamily Investment Forecast

West Palm Beach Metro Area, 2018 Outlook

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Efforts Underway Across Palm Beach County Targeted at Millennials Beginning to Pay Off

Younger population growing faster in West Palm Beach than rest of South Florida. An expanding workforce that is growing in alignment with the national rate together with robust in-migration will drive a rise in demand for rental housing. Not only will retirees continue moving to Palm Beach County in strong numbers, but the younger generation will take up residence at increased levels. The employment hubs of Boca Raton and West Palm Beach benefit from the depth of skilled labor produced by the numerous colleges and universities in South Florida, altering the character of the market. To adapt to the younger cohort, developers in conjunction with municipalities are moving forward with plans to update aging corridors, bringing more restaurants, bars and retail to cities such as Boynton Beach and Delray Beach. Development in these cities and the rest of the county has been strong, though completions mark a sharp drop this year. North Palm Beach County, an area increasingly known for its growing biotech sector, will receive the most apartments this year.

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