Large block availabilities in West Palm Beach are a driving force in office market supply trends

graph of number of large block availabilities in West Palm Beach office submarkets
  • 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.

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