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Market Report

West Palm Beach Retail Market Report

2Q 2023

West Palm Beach Maintains the Lowest
Vacancy Rate Among Major Florida Markets

Consumer base is growing. Corporate relocations and expansions are creating new jobs and spurring net in-migration to the metro, evidenced by a 2.2 percent annual increase in total population as of the first quarter. Tourism levels also reached a new all-time high, as roughly 9.1 million visitors came to Palm Beach County throughout 2022. The influx of leisure travelers and new residents continues to underpin discretionary spending, prompting many retailers to expand operations in West Palm Beach. Over the past year ending in March, tenants took more than 900,000 square feet of space off the market on net, slicing vacancy to 3.3 percent, the lowest rate among all major Florida markets. Leasing activity has been strong in Jupiter, North Palm Beach, Royal Palm Beach-Wellington and West Palm Beach proper, with each area recording more than 100,000 square feet of positive net absorption during this span.
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