Saturday, June 8, 2013

Palm Beach County Retail Market on the Move Again, According to Marcus & Millichap



    Palm Beach, FL Mall

PALM BEACH, FL -- After years of little movement, the Palm Beach County, FL retail sector is gaining traction, buoyed by improvements in employment, housing and tourism, according to the latest research from Encino, CA-based Marcus & Millichap.

Downtown Delray Beach oceanside
Payrolls have slowly returned to 2008 levels and although the pace has been erratic, the typically higher-paying services segments led job creation during the past year, which bodes well for the housing sector.

Existing home sales and values are climbing, and as the supply of available for-sale inventory falls, new housing starts are accelerating. 

Tourism is also bouncing back with hotel occupancy and room rates rising. In February, tourism-based tax collections reached early 2007 levels and additional visitors are helping elevate retail sales.

Ritz Carlton Palm Beach Hotel
 Bolstered by the brighter economic outlook, developers are moving forward with projects, many of which were put on hold during the recession.

Construction is under way on the redevelopment of the Palm Beach Mall into the Palm Beach Fashion Outlets. Also, Delray Place is one of many redevelopment projects along Federal Highway expected to get off the ground this year.
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For a complete copy of the company’s report, please contact:


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