Large block availabilities in West Palm Beach are a driving force in office market supply trends - United States
Large block availabilities in West Palm Beach are a driving force in office market supply trends
The supply trends in the West Palm Beach office market are influenced by the availability of large office spaces. As of late January, there are a total of 63 large blocks available. The Boca Raton submarket emerged as the focal point with 44 spaces, which is 70% of the total market inventory.
The most common large block availability size falls within 20,000 to 30,000 square feet, with 35 spaces available. Following closely is the 30,000 to 50,000-square-foot range, with 18 blocks available. Total availability increased 18.7% year over year, with at least 5.4 million square feet of space as of January. Despite the increase in availability, total vacancy remained stable and only rose by 1.6% in the same period, indicating a trend of companies testing the market for demand on their unused spaces.
In total, there are 34 large blocks available in class B buildings; 27 available large blocks in class A; and only two large blocks available in trophy properties, signaling the demand for top-quality space in prime locations with endless amenities.