Smaller office spaces continue to dominate in West Palm Beach

Graph showing office leasing activity in the last 2 years compared to lease expirations in the next 2 years ranging from 10,000 square feet to 50,000 square feet in West Palm Beach
  • Over the past two years in West Palm Beach’s office market, approximately 74% of new signed leases were under 10,000 square feet, indicating strong tenant demand toward smaller footprints. While only 28% of lease expirations over the next two years fall under 10,000 square feet.
  • Despite larger leases only representing 2% of tenant demand over the last two years, leases greater than 50,000 square feet account for 24% of expirations through 2026.
  • In preparation for future tenant demand, landlords may need to consider demising large blocks of space to better align with market demand.

April 30, 2024

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