West Palm Beach industrial real estate market reports
Q3 2023
At the end of August, West Palm Beach’s unemployment rate stood at 3.3%, remaining lower than the national unemployment rate of 3.8%. Year over year, manufacturing employment experienced a 1.9% growth and trade, transportation, and utilities grew by 2.6%. Top trends of the third quarter include a surge in asking rents, notable shifts in asset pricing by building size, and positive net absorption illustrating robust demand in the area.
Asking rental rates
Industrial asking rents surged 12.3% year over year in the West Palm Beach market, reaching $14.30 per square foot NNN.
Asking sale prices
Small-bay industrial properties have become a hot commodity for investors in West Palm Beach, averaging $28 more per square foot than distribution-style buildings.
Absorption
Industrial tenant demand remained robust in the third quarter, resulting in 60,331 square feet of net absorption.
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