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Market Report

West Palm Beach Office Market Report

2019 Outlook

Palm Beach Investors Targeting Repositioning Plays in Core Locations to Meet Demand for Innovative Space

 

South Florida strength supporting operational gains in West Palm Beach. Average vacancy is tightening as the market builds on an eight-year streak of positive net absorption. Although completions this year will hit the highest level since 2009, rapidly falling vacancy at the top of the market has been a sign that the area is starved for Class A space. Pre-leasing activity has already pulled 75 percent of the scheduled inventory for the year off the market. Leases signed during 2018, which are a leading indicator of space demand in 2019, show companies updating and expanding their footprints. None of the largest 20 leases was a renewal. Firms are scouring the market for adequate space need to grow. As companies expand their footprints, job growth will remain consistent. Office-using employment is expected to increase 2.3 percent by year end as the professional and business services sector adds to headcounts.

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