The Real Deal Miami

Palm Beach County sees retail recovery

June 14, 2012 12:45PM

The retail real estate market in Palm Beach County, particularly in West Palm Beach, is gaining ground as the area’s economy shows strength, according to a report from Marcus & Millichap. Vacancy in the county is projected to fall by 60 basis points in 2012 to 9.7 percent, following a 30-basis-point rise in 2011. As tenant demand continues to rise, asking rents are projected to increase by 1 percent to $21.01 per square foot by the end of 2012. Palm Beach County faces the challenge of still-decreasing single-family home prices, however, in addition to reluctant out-of-market home buyers — difficulties that the report said would slowly work out over the next few quarters. — Alexander Britell