West Palm Beach Retail Market Report
High-Credit Tenants Rapidly Leasing Space;
Construction Activity Appears Conservative
Retailers target metro as standout for regional expansion. Having led South Florida in population growth during the trailing halfdecade, Palm Beach County is projected to maintain this standing for the foreseeable future. Larger retailers are tracking the metro's progress, attracting both tenants seeking to expand northward from Broward and Miami-Dade counties, and established companies anticipating considerable upside potential in West Palm Beach and adjacent municipalities. Of this year's move-ins, Wawa, Hobby Lobby and Sprouts Farmers Market are counted among the national brands taking on multiple leases in the metro. Leasing activity in the first quarter of 2022 translated to 450,000 square feet of net absorption, the highest three-month total observed here since 2014.