With no new space under construction in Boynton Beach, the city’s retail market is starting to tighten.
According to a new report from brokerage Avison Young, Boynton Beach’s retail occupancy stood at 92.9 percent as of July. The report covers Boynton’s 51 existing shopping centers that measure more than 20,000 square feet each, altogether totaling an inventory of about 5.1 million square feet.
(Click to enlarge) Retail stats for three Palm Beach County cities
Though several new developments have been proposed in the city, none have broken ground yet. That could lead to a lot of lateral movement, especially for big box tenants seeking space in Boynton Beach.
According to Avison Young, the city has only one vacant big box space — the former Home Depot Expo location at 1500 Southwest Eighth Street, measuring 90,000 square feet and owned by Moran Capital. Sports Authority’s bankruptcy may help alleviate that space squeeze, as the retailer will soon vacate its space in the Boynton Commons shopping center at 399 Congress Avenue.
Boynton’s Riverwalk Plaza is also slated to be redeveloped by the Isram Realty Group as a primarily residential project, removing another 60,000 square feet of retail space from the market.
Isram plans to transform the former Winn-Dixie location at Riverwalk into a 10-story tower with 325 apartments, while also keeping the plaza’s remaining 50,000 square feet of retail. — Sean Stewart-Muniz