Q3 2018 Palm Beach Retail Market Report
Author: Verity Mosquez
Date Published: 10/22/2018
The growing population and booming residential development in Palm Beach County continues to be a major driver for growth in the retail sector. Development remains on the rise in the form of mixed-use projects with 668,250 square feet of retail currently under construction. By the year 2023, the Palm Beach County population is expected to surpass 1.5 million residents and median income is expected to grow by nearly 3 percent to $66,924. While only 13,000 square feet of new retail space was delivered in the third quarter, a total of 236,150 square feet of space was absorbed. The large amount of absorption this quarter shows the relentless demand for retail in Palm Beach County.