Vacancy rates are falling and rents are rising, commercial real estate brokerage Marcus & Millichap says in a new report. Empty space is scarce, and the county’s vacancy rate should fall to 5.1 percent by the end of 2016, down from 6.1 percent at the end of 2015.
Rents rose 7.1 percent last year and will grow 6.3 percent this year, the brokerage predicts.
“A strong desire among merchants to have outposts in West Palm Beach will maintain a downward trend for vacancy, lifting rental rates for the fifth consecutive year,” Marcus & Millichap says.
For every merchandiser that’s tanking, another is expanding. Dollar stores opened hundreds of new locations last year. Off-price retailers such as T.J. Maxx and Ross are expanding. So are Publix, Whole Foods, Fresh Market and Trader Joe’s.
Here’s a rundown of 16 retailers with a strong presence in Palm Beach County. Six (including Staples and Best Buy) are contracting, two (Kohl’s and Home Depot) are holding steady, and eight (including Dollar General, Dollar Tree and Dick’s Sporting Goods) are in expansion mode.