A scarcity of trophy office space ignites a surge in asking rates in West Palm Beach

graph of total available square feet for trophy office buildings in West Palm Beach from 2019 to 2023 with average trophy asking rent per square foot
  • Since the start of the pandemic, West Palm Beach has witnessed a substantial decline in trophy office availability, which has further fueled a continued rise in asking rates by an impressive $39 per square foot (psf).
  • The office outlook indicates limited availability of trophy inventory, with 604,320 square feet under construction and only 41% of it remaining available.
  • Consequently, with occupier demand gravitating toward premier buildings, rental rates are anticipated to maintain their all-time highs for the foreseeable future.

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US-FL-WPB West Palm Beach