West Palm Beach industrial real estate market reports
Q1 2022
Under construction
At the end of the first quarter of 2022, 466,872 square feet (sf) remained under construction in Palm Beach County, most of which is in the West Palm Beach submarket. Buildings 300 and 400 at Airport Logistics Park are expected to deliver during the second quarter of the year.
Net absorption
Net absorption ended the quarter in positive territory at 119,649 sf absorbed. The West Palm Beach submarket, where vacancy has fallen to 2.7%, accounted for most of the positive net absorption.
Direct asking rent
The overall industrial rate, excluding flex space, rose to $10.85 NNN per square foot (psf)—up 25.7% from one year prior. West Palm Beach’s industrial rates have continued an upward climb amid robust demand, dwindling supply of land, and rising costs of construction.
Availabilities
Overall available space has reached a new low of 1.5 million square feet (msf). As a result, development interest has picked up to meet demand. A wave of new industrial developments is on the horizon with Woodmont Industrial Partners planning to build eight class A warehouses in the Palm Beach Park of Commerce and Portman Industrial submitting plans to build 2.1 msf of industrial space.
Vacancy
The overall vacancy rate continued to decline during the first quarter of 2022 to 3.7%—down by 130 basis points from the same time last year. With a lack of high-quality logistics space available, industrial users continue to scoop up new industrial product as it delivers to the market.
Investment sales
Industrial investment activity remains strong in Palm Beach County. The largest sale of the quarter was Equuis Capital Partner’s $41 million purchase of a three-building portfolio in West Palm Beach from Prologis.
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