Retail Space for Lease in San Juan: 2026 Market Guide

San Juan’s retail market has strengthened heading into 2026, with vacancy improving and national retailers expanding across the metro. Here is what tenants and landlords should know about leasing retail space in Puerto Rico right now.

Vacancy Is Falling as National Retailers Expand

Retail vacancy in the San Juan metro has fallen to roughly 5.7% to 7.8%, down from 9.5% a year earlier, with net absorption of about 320,000 square feet. Ross, Burlington, and Planet Fitness have all expanded aggressively across the island, and USPS recently leased 135,000 square feet at a former Kmart site next to Plaza Las Américas.

Rents by Submarket

Prime retail corridors in San Juan command $45 to $85 per square foot annually, while secondary market space runs $18 to $35. Condado, Santurce, and Hato Rey continue to dominate leasing activity, with suburban growth in Dorado and Guaynabo and steady demand near Mayagüez from its university and manufacturing base.

Big-Box Redevelopment and Experiential Retail

Plaza del Atlántico is being converted into an open-air power center set to launch in spring 2026, part of a broader trend of big-box redevelopment. Luxury brands, boutique concepts, and experiential retail combining dining, fitness, and entertainment are driving much of the new leasing demand, alongside tourism growth that topped 6.6 million passenger arrivals in 2024.

Work With Two20 Group

Whether you are a retailer scouting your next San Juan location or a landlord repositioning a center for 2026, Two20 Group can help you find and negotiate the right retail space for lease in San Juan. Contact us to get started.