West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firm, today announced that it will record one of the highest-momentum years for retail property transactions in nearly a decade. The high volume is a reflection of retail clients rushing to find adequate space for new stores and expansions. Some markets have seen rental rates rise as much as 10 percent in the last year, pushing retailers to act swiftly to lock in advantageous property and lease terms. This activity follows on the heels of the residential housing-market recovery with retailers, in turn, seeking to service commensurate growth. NAI/Merin Hunter Codman sees extremely brisk retail property activity across all markets from Boca Raton and Wellington — the latter exceptionally strong — on to West Palm Beach and areas of significant residential development in Jupiter. The strong trend of momentum is not expected to abate any time soon, according to retail experts at NAI/Merin Hunter Codman.
“Many South Florida retailer are expanding, pushing rental rates upward,” said Bruce Corn, Managing Director in the Retail Services Group at NAI/Merin Hunter Codman. “At the same time, that presents opportunity as expanding retailers vacate space that can be nicely rehabbed to accommodate new up-and-coming tenants.”
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