Vacancy has improved since last year’s report, with current vacancy at 5.7% down from 6.5%
Insight
01 April 2026
JLL Puerto Rico Retail Report - March 2026
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Vacancy improved to 5.7% from 6.5%, driven by aggressive expansion from Ross, Burlington, and Planet Fitness, with international brands conducting feasibility studies for potential mid-to-late 2026 market entries.
Major leasing activity is robust, with USPS securing 135,000 s.f. at the former Kmart adjacent to Plaza Las Americas, Ross adding 120,000 s.f. across six new locations, and Burlington opening 75,000 s.f. of new space island-wide.
Big box redevelopment is transforming the market, led by Plaza del Atlántico's conversion to an open-air power center opening spring 2026, while rising rental rates approach levels that could unlock new ground-up development opportunities.