Bidding heats up for PBC retail properties

With a thin construction pipeline, bidding is intensifying for retail properties in Palm Beach County, according to a report from Marcus & Millichap. The report projects the retail vacancy rate in the county to fall for the second consecutive year in 2012, falling 20 basis points to 10.1 percent, with asking rents increasing by 0.8 percent. Construction is projected to improve, however, with the addition of 400,000 square feet of new space, an increase from 152,000 in 2011. — Alexander Britell