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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 migration of high-net-worth individuals and tech leaders to South Florida since the early days of the pandemic. This influx has led to nearly 90,000 new residents in Palm Beach County over a few years, transforming the city from a seasonal resort town to a year-round destination.

    The state's dynamic economy, growing population, and favorable tax environment make commercial real estate investing highly profitable, according to Steinbauer Associates, Inc. CityPlace, a neighborhood in West Palm Beach, is expanding with new retail brands like Equinox and high-end makeup retailers like Bluemercury. As top investment firms open offices nearby, they bring a well-compensated population seeking elevated lifestyle experiences.

    Developers are rapidly working to meet demand, with integrated mixed-use developments combining office, residential, and commercial spaces in highly walkable districts. This has created built-in foot traffic and a steady flow of demand, pushing vacancy rates below 3%. Kelly Lyles of KL International Realty notes that retailers like Foot Locker are relocating from NYC to Florida, while companies like Publix are expanding their presence in the state with new locations.

    Florida's diverse economy, growing population, and low taxes make it an attractive destination for both consumers and retailers. As a result, the demand for commercial real estate continues to accelerate, driving growth and development throughout the state.