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Occupancy Going Strong at Palm Beach Shopping Centers

PALM BEACH COUNTY, FL-A recent survey of 196 centers with 50,000 sf or more shows the vacancy rate of the area's centers is down to approximately 5.2%, despite the addition of about 1.3 million sf of new shopping center space in the last three years. Also, the average asking rent for Palm Beach County centers rose 27.5% from $15.72 in 2001 to $20.04 per sf today.

By Melissa Bogdany | Updated on November 26, 2004

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PALM BEACH COUNTY, FL-Shopping centers in the county have bounced back and are experiencing strong occupancy rates and rents, according to recent research by Terranova Corp., a third-party commercial real estate advisory firm based in Miami.

The research results are based on a survey of 196 centers with 50,000 sf or more and do not include enclosed regional malls. Research shows that after the county’s shopping centers had suffered from double-digit vacancy rates at the end of 2001, with much-improved occupancies, the market is seeing double-digit percent increases in average rent.

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