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Market Report

West Palm Beach Retail Market Report

2024 Investment Forecast

Specific West Palm Beach Submarkets Emerge as
Targets for Investors Amid Favorable Fundamentals

Core areas continue to drive marketwide conditions. Near nation-leading rates of population, household income and retail sales growth since 2020 aid West Palm Beach’s already tight vacancy rate this year. The metro’s core areas are the largest beneficiaries of these gains, with Boca Raton, Palm Beach and the West Palm Beach CBD each entering 2024 with vacancies below the market rate. This theme is even more apparent in Jupiter, where the local measure has remained under 3 percent since 2022. Despite sustained tight conditions warranting new supply, construction activity is slim across the metro, supporting the absorption of existing stock by expanding retailers. As such, grocers and fitness franchises, such as KC Market and EoS Fitness, are slated to backfill larger spaces this year, while a number of restaurants are anticipated to occupy smaller single- and multi-tenant footprints.
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