Avison Young in West Palm Beach
Avison Young opened its South Florida offices in 2012 with 30 members joining from Flagler Real Estate Services. In June 2013, Avison Young acquired WGCompass, a West Palm Beach-based retail and office brokerage and property manager with client relationships across the state of Florida, adding 25 members to Avison Young’s South Florida team. The West Palm Beach office offers a full suite of services including agency leasing, tenant representation, capital markets, project management and property management, with relationships across the country.
The West Palm Beach retail team is one of the premier tenant representation teams in South Florida. Under the leadership of Don DeWoody they have assisted some of the most recognized national retail and restaurant companies in expanding their brands into the Florida market.
Whether you are an owner, investor, occupier or developer, we deliver results aligned with your strategic business objectives, supporting real estate initiatives that add value and build a competitive advantage for your organization.
Services
Area Overview
Economic and quality of life fundamentals in Palm Beach County are strong with an incrementally declining unemployment rate enhancing the area’s already strong appeal. In fact, Palm Beach County was recently ranked in the 2016 Top 30 Big Cities by Area Development based on factors including workforce, economic strength, year-over-year growth, and five-year growth. The county has a diversified business base, including agribusiness, aviation & aerospace, engineering, financial services, life sciences, healthcare, IT/telecommunications and manufacturing, among others. Not surprisingly, The Business Development Board of Palm Beach County is bullish about the county’s future and expects a healthy level of interest from companies interested in relocating to or expanding within South Florida’s northernmost market.
Markets
OFFICE
Healthy statewide and local economic factors continue to fuel robust leasing in Palm Beach County. Demand for office space remains vigorous with strong net absorption, tightening vacancies and rental rates recording consistent gains. Leasing fundamentals are sound and tenant concessions continue to play a pivotal role in lease negotiations. Speculative construction is once again taking place on a very modest scale, and a combination of tightening market conditions and sustained economic growth are expected to support healthy leasing activity, incremental gains in rental rates and a continued decline in overall vacancy.
RETAIL
Economic expansion and declining unemployment fueled Palm Beach County’s retail growth during 2016. Market fundamentals continue to improve, as demonstrated by a decline in overall vacancy, and rising rental rates have done little to deter retailers who are looking to expand and secure space in prime locations. These factors have served as the foundation for investor activity in the Palm Beach market as more than $350 million in retail sales transactions were recorded in 2016 with continued activity expected. Still-tightening market conditions and sustained economic growth will likely continue to support healthy leasing activity and incremental gains in rental rates in 2017.
INDUSTRIAL
Healthy demand from an increasingly diverse range of companies fueled sustained growth in the local industrial market in 2016, creating upward pressure on rental rates while suppressing the vacancy rate. These factors, coupled with a relative lack of available space, have led to tightening market conditions and increased pressure on developers to build new product. Moving forward, it is anticipated that these tight market conditions will persist for the near term, and active leasing and incremental gains in rental rates will continue to strengthen Palm Beach County’s position for investors.
INVESTMENT
A growing labor force and stable economy have made Palm Beach an attractive market for both foreign and domestic investors. Investment interest is growing at a brisk pace and significant capital continues to chase deals in Palm Beach County’s commercial real estate market. Strong investment activity throughout 2016 was dominated principally by private, institutional and cross-border investors.