West Palm Beach industrial real estate market report

Q1 2025

West Palm Beach’s industrial market is recalibrating as tenant demand remains focused on smaller infill product. Larger bulk space continues to lag, widening the vacancy spread and highlighting a shift in leasing velocity by size. Asking rents are holding firm despite the uneven leasing landscape, suggesting tenant confidence in core locations remains intact. Meanwhile, the narrowing flex premium points to evolving occupier priorities, as functionality and affordability take precedence over format. With nearly 1 million square feet under construction, the market’s next phase will depend on how quickly new space is absorbed across size tiers.
8.3%

Vacancy

Vacancy inched up 14 basis points from 8.17% in Q4 2024, signaling relative stability despite ongoing new deliveries.
980k sf

Development activity

West Palm Beach has 980,000 square feet under construction as of Q1 2025. Availability remains elevated as the market continues adjusting to recent deliveries.

$15.96 psf

Asking rents

Asking rents rose to $15.96 per square foot (psf) NNN in Q1 2025, up nearly 5% since Q2 2024, reflecting steady pricing strength despite a slower pace of growth.

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