MIAMI BEACH, FL, Mar. 31, 2009 – Palm Beach County shopping centers showed positive market absorption for the year ending in the third quarter of 2008, with 527,084 more shopping center square feet occupied in 2008 than a year before, according to statistics recently released by Terranova Corp.Developers delivered nearly one million square feet of new retail space in those 12 months, increasing total inventory of shopping center space and contributing to increased market absorption.
While countywide vacancy increased to 7.5% in the third quarter of 2008, compared to 5.09% a year before, there still were more square feet occupied in 2008 than in 2007.
Although vacancy rates went up in all of the county’s six submarkets, three submarkets showed increases in average asking rent: Boynton Beach/Delray Beach submarket went up 2.49% to $25.95; Wellington/Royal Palm Beach went up 0.79% to $29.40 per square foot; and Lake Worth went up 0.36% to $19.63.
The biggest decrease
was in the Jupiter/Tequesta submarket, where average asking rent declined 6.04% to $24.11. Countywide, the average asking rent for inline space was $25.67 per square foot, slightly lower than $25.78 a year before.Please visit http://www.terranovacorp.com/ to purchase your copy of the 2008 Palm Beach Market Report.
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