West Palm Beach industrial real estate market report

Q2 2025

The industrial market in West Palm Beach is showing signs of a slow but steady rebound. Q2 vacancy compressed 70 bps to 7.6% despite active deliveries, while net absorption reversed course, posting a positive 63,286 sf. Asking rents moderated 3% from peak levels to $15.41 psf NNN but remain 8% above prior-year benchmarks- underscoring embedded rate strength. With only 162,111 square feet (sf) under construction through midyear, developers are showing restraint, creating the conditions for more balanced growth and greater stability toward 2026.
7.6%

Vacancy

Vacancy fell 70 basis points from 8.3% in Q1 2025, signaling a healthier environment despite ongoing new deliveries.
63k sf

Development activity

West Palm Beach recorded 63,289 sf of net absorption in Q2, marking a return to positive territory, reinforcing signs of a gradual market rebound.

$15.41 psf

Asking rents

Asking rents declined to $15.41 psf NNN in Q2 2025, giving back some of Q1’s gains but still holding above 2024 levels, signaling pricing resilience amid shifting demand.

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