The Real Deal Miami

Publix-anchored centers see vacancy rise

July 24, 2009 03:36PM

Vacancy rates at Publix-anchored shopping centers in Palm Beach County rose to 10.2 percent from 7.8 percent over the past seven months, and rents have fallen for the first time in 10 years, according to a report from Boca Raton-based Woolbright Development. The report attributes the higher vacancy rate to two new shopping centers, Shoppes at Woolbright and Canyon Town Center. The report predicts that rents will bottom out at $20 to $23 per square foot, compared to the current rate of $25.88 per square foot. The vacancy rate will probably peak at 11 or 12 percent in 2010, the report said.