West Palm Beach’s industrial leasing activity continues its steady momentum

graph of industrial leasing volume in West Palm Beach from 2013 to 2023 by quarter
  • The industrial real estate market in West Palm Beach is poised for another robust year of leasing activity in 2024. It has demonstrated favorable leasing trends, such as an 8.1% year-over-year rise in asking rates, a low 4.9% vacancy rate, and over 400,000 square feet of positive absorption. Additionally, nearly 1.6 million square feet have been leased through the third quarter.
  • In terms of overall deal activity, there have been 215 industrial and flex leases executed in the market year to date. This represents a substantial increase compared to 2022’s annual total of 202 leases. It's worth noting that the average lease size has slightly decreased, averaging 7,700 square feet in 2023.
  • Despite economic challenges, such as elevated interest rates and reduced investment sales activity, leasing volume in West Palm Beach remains strong. It aligns with the 10-year first through third quarter average of 1.5 million square feet, underscoring the market's resilience and its robust recovery since 2020.

Get market intel

US-FL-WPB West Palm Beach