West Palm Beach industrial real estate market reports

Q1 2023

New industrial developments in Palm Beach County have increased in size, as most total 100,000 square feet (sf) or more. A record amount of construction started in the first quarter, amounting to over 1 million square feet (msf). Market fundamentals hold strong as vacancy rates remain at 4.5%, unable to exceed 5% since 2015.


Large developments

Following a surge in population growth, developers have been increasing the size of their projects. Since 2020, 72% of projects built or under construction have amounted to over 100,000 sf.


Under construction

Despite rising interest rates, just over 1 msf broke ground during the first quarter of 2023, up 63.2% from the fourth quarter of 2022. Development has picked up as available land in nearby markets dries up.



Vacancy has remained low over the last five years, despite new construction deliveries. However, a record number of construction completions in 2023 may cause vacancy to rise.


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