Where Should I Invest in Commercial Real Estate in Palm Beach County?

If you are sitting on capital and trying to decide where in South Florida it works hardest, this is the question worth answering carefully before you write a check.

My name is Nick McAndrew. I am a Director of Investments at Marcus & Millichap specializing in retail, land, and commercial real estate across Palm Beach County, Broward County, and Miami-Dade County. I was born and raised in Boca Raton and have spent three decades watching this market evolve from the ground up. I have worked on over $700 million in commercial real estate transactions, and I get this question from investors more often than almost any other: where should my money go.

Why Florida

Florida is one of only nine states with no personal income tax, no estate tax, and no inheritance tax. For an investor moving capital from New York or California, where top marginal rates run 10.9% and 13.3% respectively, that difference alone can save hundreds of thousands of dollars a year for high earners.

The population data backs up the thesis. Florida's population grew by 196,700 people between 2024 and 2025, the second most of any state, and grew 16.5% over the decade from 2015 to 2025. That growth has come entirely from positive net migration since the 2020-21 fiscal year.

Why South Florida

Wells Fargo is relocating the headquarters of its Wealth & Investment Management division to One Flagler in West Palm Beach, the first major U.S. bank to put a wealth management headquarters in Florida. It joins a roster of firms with confirmed operations in Related Ross's downtown West Palm Beach towers: Goldman Sachs, Point72, BlackRock, and Cleveland Clinic, alongside JPMorgan and Elliott Management. These are signed leases and operating offices, not announcements.

That density of finance and healthcare matters to a retail investor specifically. Every one of these firms brings employees who need somewhere to eat lunch, get a haircut, and shop on the weekend. Retail demand follows rooftops and payrolls.

Why Palm Beach County

According to the Business Development Board of the Palm Beaches' Q1 2026 Economic Development Intelligence Report, Palm Beach County's GDP reached $125 billion (2023 data, up 2.5% year over year), with average annual salary of $82,680, the highest in Florida. Total personal income in the county sits at $190 billion, up 162% since 2010.

The wealth migration numbers are direct. Palm Beach County posted a $4.9 billion net adjusted gross income gain from in-migration, the highest of any Florida county, with New York, New Jersey, Connecticut, California, Illinois, and Massachusetts as the top origin states. The county is home to 68 billionaires and 71,000 millionaires, and ranks 4th in the world for fastest-growing wealth hubs. Nearly 20,000 financial and business services companies are anchored in the county under the "Wall Street South" initiative, employing more than 120,000 people.

The fiscal year's results back this up with real transactions. In 2024-2025, the Business Development Board facilitated 21 corporate relocation and expansion projects, creating or retaining 2,623 jobs, generating $239.9 million in new capital investment, and absorbing 775,544 square feet of commercial and industrial space, the highest total in three years. That momentum has continued into the current fiscal year, with Q1 2026 additions including D-Wave Quantum's headquarters relocation from Palo Alto to the Boca Raton Innovation Campus, Charles Schwab opening new branches in Delray Beach and Palm Beach Gardens, and Concorde Investment Services relocating its corporate headquarters from Michigan to Boca Raton.

This is not speculative growth. It is capital, high-income employees, and now global quantum computing, defense technology, and life sciences companies already on the ground, already spending, and already driving demand for the retail, net lease, and mixed-use properties that serve them.

Where the Growth Is Concentrated: A City-by-City Look

Palm Beach County is not one market. It is a collection of submarkets moving at different speeds, and the right investment depends on which one you are looking at.

West Palm Beach is the epicenter of the Wall Street South build-out. Related Ross has multiple towers underway downtown, including 10 CityPlace and 15 CityPlace, alongside major multifamily and hospitality projects. ServiceNow selected 10 CityPlace for its new regional headquarters, a projected $1.8 billion economic impact and more than 800 high-wage jobs opening in 2028. That density is already pulling retail demand into the surrounding corridor, evidenced by a new Trader Joe's and Aldi both under construction in the city.

Wellington, long known as the horse capital of the United States, is seeing two major projects reshape its commercial core. Related Ross has finalized plans for Village Landing, a 71-acre mixed-use district at Stribling Way and State Road 7 with 220,000 square feet of retail, 100,000 square feet of restaurant space, and a 180-room hotel, expected to break ground later this year. Separately, LOTIS Wellington is finishing up construction now, a walkable development of homes, shops, restaurants, and offices around an 18-acre lake. Both projects are betting on an already-proven visitor economy: Wellington International generates over $400 million annually for Palm Beach County's GDP and draws more than 250,000 visitors during the Winter Equestrian Festival alone. For a retail investor, a village of 62,662 residents that has historically lacked a concentrated commercial core, now backed by two simultaneous large-scale developments and an existing high-net-worth visitor base, is a corridor worth watching closely.

Palm Beach Gardens is anchored by Avenir, a 4,752-acre master-planned community bringing 4,000+ homes, multiple retail buildings, and a Jupiter Medical Center hospital online. Avenir also includes a 60-acre economic development parcel designated for a future medical, aerospace, finance, research, or corporate headquarters use, meaning the retail demand here is likely to keep building well past the current construction wave.

Boca Raton continues to attract retail, life sciences, and now technology investment. ADMA Biologics continues expanding its plasma-derived therapeutics campus, D-Wave's relocation to the Boca Raton Innovation Campus is bringing 100+ new high-wage jobs at average salaries exceeding $125,000, and the Office Depot headquarters site is being redeveloped into a 1.3 million-square-foot mixed-use complex with 425,000 square feet of office and 45,000 square feet of retail.

Boynton Beach has quietly become a rising investment hub, with more than $2 billion in active and planned residential, commercial, and industrial projects, including the Town Square redevelopment and a Publix distribution center expansion in Quantum Park that added more than 1 million square feet and 150 jobs.

Delray Beach and Riviera Beach round out the list of submarkets with meaningful retail pipeline currently under construction or proposed, including City Center Delray and Riviera Commons.

The investor's takeaway is simple. West Palm Beach is where the office and finance wave is concentrated. Wellington and Palm Beach Gardens are where large-scale, ground-up development is happening in communities that previously had comparatively little commercial density. Boca Raton and Boynton Beach are absorbing new supply on top of already strong or rapidly strengthening fundamentals. Each requires a different underwriting approach, and the right answer depends on your timeline, your risk tolerance, and whether you want to get ahead of a corridor before it is built out or invest in one that has already proven itself.

Frequently Asked Questions

Where should I invest in commercial real estate in Palm Beach County right now?

The right submarket depends on your investment horizon. Investors seeking established, proven corridors should look at West Palm Beach and Boca Raton, where finance, healthcare, life sciences, and now quantum computing employment is already concentrated. Investors comfortable with a longer timeline and more upside should look at Wellington, Palm Beach Gardens, and Boynton Beach, where large-scale development is underway but the surrounding retail and commercial market has not yet fully caught up to the coming demand.

Is Palm Beach County still a good place to invest in retail real estate?

Yes. Palm Beach County posted the highest net AGI gain of any Florida county in the most recent reporting period, at $4.9 billion, and ranks 4th in the world for fastest-growing wealth hubs. Nearly 20,000 financial and business services companies are anchored in the county, and the Business Development Board facilitated 21 corporate relocations and expansions in the 2024-2025 fiscal year alone, the highest total in three years, with continued momentum in Q1 2026.

What is driving corporate relocation to Palm Beach County?

Florida's tax advantage is foundational, but it is compounded by proximity to major financial centers and an increasingly deep bench of peer companies already in the market. Firms like Wells Fargo, Goldman Sachs, and BlackRock did not move to Palm Beach County in isolation. They moved to a market where competitors and counterparties had already established a presence.

Should I invest in an established submarket or a growth corridor?

Both strategies work, but they carry different risk and return profiles. Established submarkets like West Palm Beach and Boca Raton offer lower risk because demand is already proven, but pricing reflects that certainty. Growth corridors like Wellington, Lake Worth, and Palm Beach Gardens offer the potential for higher returns because pricing has not yet caught up to the coming demand, but that upside comes with more execution risk tied to whether development delivers on schedule.

How do I know which specific property or corridor is the right fit for my capital?

That requires a conversation about your basis, your timeline, your risk tolerance, and whether you are buying for income, appreciation, or both.

Who should I talk to about buying commercial real estate in Palm Beach County?

Start with a broker who works both sides of the market, not just listings. Someone who only represents sellers will show you what is publicly available. Someone active in acquisitions will also know what is not yet listed, which owners are quietly considering a sale, and which submarkets are about to shift before the data catches up. I am a Director of Investments at Marcus & Millichap specializing in retail, land, and commercial real estate across Palm Beach County, Broward County, and Miami-Dade County, and I have advised on and transacted over $700 million in commercial real estate. I have facilitated off-market acquisitions for clients ranging from Fortune 150 companies to nonprofit organizations, which means I am in a position to bring you opportunities before they hit LoopNet or CoStar.

How do I get started investing in commercial real estate in Palm Beach County?

The first step is a conversation, not a property search. Before you look at a single listing, you need clarity on your basis, your timeline, whether you are buying for income or appreciation, your risk tolerance, and how much of a role you want to play in management. That conversation determines whether a net lease asset in an established corridor or a ground-up opportunity in a growth submarket like Wellington, Lake Worth or Palm Beach Gardens is the better fit. I offer that conversation at no cost and no obligation.

Contact Nick McAndrew at Marcus & Millichap to discuss the current value of your commercial property or land in Palm Beach County, Broward County, or Miami-Dade County. Call or text: 561-245-0486 | marcusmillichap.com/advisors/nicholas-mcandrew | nickmcandrew.com

Nicholas A. McAndrew, known professionally as Nick McAndrew, is a Director of Investments at Marcus & Millichap serving Palm Beach County, Broward County, and Miami-Dade County.