West Palm Beach Office Market Report

Downtown developments bolster long-term outlook. The Palm Beach office market enters 2025 with strong momentum, driven by its expanding role as a fintech and health care hub. This position will be reinforced by investments announced in late 2024, including Vanderbilt University’s $520 million graduate campus and Cleveland Clinic’s 150-bed hospital. Recent office deliveries highlight growing corporate appeal, with 70 percent of the 500,000 square feet completed in 2024 occupied by year-end. Meanwhile, the 210,000-square-foot One West Palm, slated for early 2025, is already 90 percent pre-leased. Downtown Palm Beach’s urban amenities and expanding business network are also expected to sustain demand across quality tiers, following last year’s strongest net absorption of Class A and Class B/C space since 2021. While tenants in Boca Raton and North Palm Beach shed nearly 400,000 square feet of lower-tier office space in 2024, Class A demand held steady as firms consolidated into higher-quality floor plans. Competitive rents and planned move-ins, such as Venture X’s 20,000 square-foot lease in Boca Raton, are set to support stable property performance across these areas in 2025.