Continued Growth in Palm Beach County
The retail market in Palm Beach County continued an upward trajectory in the second quarter 2022. Net absorption climbed to 140,278 square feet by quarter end. Likewise, leasing activity remained strong with 222,000 square feet leased in the second quarter and a total of 590,000 square feet leased year-to-date. In response to escalated demand in the market, the vacancy rate dropped to 4 percent, which is down 20-basis points quarter-over-quarter and down 110-basis points year-over-year. As the return to the office strengthens, and foot traffic and in-store sales return to normal levels, it is expected that the Palm Beach County retail market will continue to thrive throughout the remainder of 2022.