West Palm Beach sees year-over-year increase in average lease size across all office asset classes
- West Palm Beach’s office market has shown strong signs of momentum, with an uptick in average lease size across all asset classes. Trophy/A space led the increase with a gain of 1,117 square feet (sf), while B-class space posted the strongest relative growth at +25.6%.
- Overall, the market posted a 19.9% year-over-year increase, translating to an additional 623 sf signed. While the sf gain may appear modest, it highlights growing demand for office space in the region. Palm Beach continues to draw significant capital from major real estate investors, as well as a growing number of tech/finance tenants expanding into the region.
- Additionally, West Palm Beach became the first market in the nation to reach 100% office utilization in comparison to pre-COVID levels. Together, these metrics reinforce the impressive performance of the Palm Beach office market and its enduring appeal.
