Using interviews, data in the Cushman 2016/2017 Main Streets Across the World report and additional research, The Real Deal has broken down conditions on the top 10 retail strips — and what to expect in 2017. The rent noted is for all of 2016, and vacancy rates are for the first quarter of 2017.
7. Worth Avenue, Palm Beach
Average monthly rent per square foot: $150, no change compared to 2015
Vacancy rate: 3.3 percent
Notable deal: In March, an affiliate of the Amirsaleh Family Trust paid $19.5 million for the Via Bice retail complex, about $1,000 a square foot. The property leases roughly 16,700 square feet to restaurant Bice and boutiques for about $828,000 in rent a year.
Outlook: The Rodeo Drive of Florida lost one of its signature tenants when Hermès announced it was leaving its 3,444-square-foot store at 240 Worth Avenue. Yet Palm Beach retail experts claim the strip remains attractive, pointing to investor interest in properties like a Tiffany & Company-occupied building on the market that should fetch more than $40 million, or about $2,400 a square foot, said listing broker Robert Granda of Franklin Street.
