West Palm Beach industrial real estate market report

Q3 2025

West Palm Beach (WPB) had 149,383 square feet (sf) of positive net absorption in Q3 2025 as demand held firm. Vacancy rose 40 basis points to 8.7% from new deliveries, while rents settled at $15.39/psf NNN, down from peaks but above 2024 levels. Leasing activity totaled 755,181 sf through Q1-Q3, outpacing 2024—the market’s strongest performance on record. Leasing velocity averaged 5.0 months-on-market, up from 4.0 months, remaining efficient. Investment activity surged with 68 sales year-to-date at $218 psf, a new pricing record up 22.5% from 2024. With transaction activity on pace to surpass 2024's annual total, West Palm Beach approaches year-end with sustained investor interest due to its balanced fundamentals.
$15.39 psf

Asking rents

Asking rents eased to $15.39 psf NNN in Q3 2025, extending recent declines yet holding firmly above 2024 levels.
149k

Net absorption

West Palm Beach posted 149,383 sf of net absorption in Q3 2025, extending earlier gains and signaling demand amid clarifying market fundamentals.

8.7%

Vacancy

Vacancy rose 40 basis points to 8.7% in Q3 2025, reflecting modest supply-side pressure as new projects deliver.

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