West Palm Beach office market reports

Office insights Q2 2021

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Leasing activity has been strong in West Palm Beach so far in 2021 with strong in-migration coming from the Northeast. Average base rents continue to climb, particularly within the CBD as pricing pressure heats up due in part to an increased supply of class A space.

5.9%

Economic Conditions

Unemployment rate in South Florida, down 790 bps from the height of the pandemic.

#4

Recovery Rate

Florida’s rank in a WalletHub study of the top U.S. states for their rates of recovery, with industries gaining the most jobs over the year including leisure and hospitality, professional and business services, and trade, transportation and utilities.

74.2%

Office Demand

Total percentage of previous year’s leasing activity recorded for the year-to-date. Brisk activity has taken place over the first half of 2021 to firms in the financial and tech sectors, with notable leasing occurring in Downtown West Palm Beach.

16.1%

Office Supply

Total vacancy is currently at a six-year high, however available sublease space in West Palm Beach remains the lowest in South Florida.

9.2%

Pricing Trends

The increase in asking base rents from peak to trough since the onset of the pandemic with several key deals taking place in class A buildings in the CBD at record-high rents. Those deals are driving up pricing pressure downtown, leading some landlords to increase rents across the board.

$488.9

Capital Markets

Total office investment volume (in millions) in West Palm Beach for the period from Jan 2020 through Jun 2021. There is significant investor appetite for West Palm Beach, with a lot of institutional and private equity and high-net worth investors chasing investment opportunities.

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Your source for the latest West Palm Beach office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater West Palm Beach area. Avison Young advisors look at West Palm Beach commercial real estate activities and the latest West Palm Beach statistics to provide you expert market research on West Palm Beach's office properties.

Explore different topics like the latest office market pricing trends and analysis of West Palm Beach's current office real estate market conditions. Gain a better understanding of West Palm Beach’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in West Palm Beach's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in West Palm Beach.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

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