Riding the industrial rent wave in West Palm Beach

graph of West Palm Beach submarkets' Q1 2024 average rental rates vs five-year rent growth
  • West Palm Beach’s industrial real estate market has experienced substantial rent growth since the onset of the pandemic, reaching $14.46 per square foot (psf) NNN, achieving a remarkable 52% increase since the first quarter of 2019. This growth—however—has been unevenly distributed, with some submarkets outperforming others.
  • The wave of new construction projects throughout West Palm Beach has been a major driver in the increase of industrial rent growth. This influx has buoyed all submarkets, illustrating a rising tide effect on rental rates across the board, though some submarkets have benefited more than others.
  • The West Palm Beach submarket has seen over 2 million square feet of new deliveries since 2019 and experienced an 85% growth in asking rents. In contrast, the North Palm Beach submarket has accounted for over 5 million square feet of new construction during the same period, with a more moderate 6% growth in asking rates. Major construction projects across West Palm Beach include the Silver Beach industrial park and the Palm Beach Logistics Center.
  • West Palm Beach’s rental rates fuel its robust tenant demand as it offers an economic alternative to Miami and Fort Lauderdale, which average $17.21 psf NNN and $16.44 psf NNN respectively, compared to $14.46 psf NNN in the market.

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