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etailers are flocking to Florida, with retail vacancies in West Palm Beach virtually nonexistent this year. According to Ken Himmel, president of Related Ross, the demand is driven by a deliberate and sustained migration of high-net-worth individuals, financial executives, and tech leaders to South Florida since 2020.

    This influx has transformed Palm Beach County from a seasonal resort town to a year-round city, with nearly 90,000 new residents added in just a few years. The state's dynamic economy, growing population, and favorable tax environment make commercial real estate investments highly profitable, according to Steinbauer Associates, Inc.

    CityPlace, a neighborhood in West Palm Beach, is expanding by over 125,000 square feet with high-end retail brands like Equinox, Alo, Reformation, Bluemercury, and Crate & Barrel. As top investment firms open offices nearby, they bring a highly educated population seeking elevated lifestyle experiences, which is being met by integrated developments like CityPlace.

    Developers are rapidly working to meet demand as financial services and innovation hubs take root in the city. According to Himmel, retail is rising in parallel, fueling a self-sustaining cycle of growth and demand that continues to accelerate. Kelly Lyles of KL International Realty has also witnessed an uptick in retailers relocating to Florida, with companies like Foot Locker expanding their footprint and Publix planning to open a 50,000 square-foot supermarket in Panama City Beach.

    Florida's diverse economy, growing population, and low taxes are driving both consumers and retailers to the state. As a result, retail vacancies remain virtually nonexistent, with occupancy rates approaching record highs in West Palm Beach.