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.
.
For a complete copy of the company’s report, please
contact:
No comments:
Post a Comment