West Palm Beach industrial real estate market reports
Q1 2024
West Palm Beach’s unemployment rate has experienced a slight uptick, increasing 70 basis points year-over-year, reaching 3.3%. In the first quarter, there was a 1.3% increase in total non-farm employment, with 1.4% growth in the trade, transportation and utilities sector, as well as a 2.8% rise in manufacturing occupations year-over-year.
Months on market
The average months on market for industrial space to lease in West Palm Beach is 3.9 months.
Average starting rents
Average starting rents in West Palm Beach have increased an impressive 59% over a three-year span.
Net absoprtion
West Palm Beach’s industrial market witnessed 114,177 square feet of positive net absorption during the first quarter.
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