West Palm Beach office market reports

Q1 2022

West Palm Beach continues to outperform all other major Florida markets amid an influx of out-of-state tenants. The overall rent in Downtown West Palm Beach has surpassed that of Brickell, and the market continues to experience positive net absorption. As prices continue to increase in the urban core, tenants may begin to relocate to suburban submarkets.

0.5 msf

Under construction

A wave of class A construction is currently underway due to an influx of new-to-market tenants. The majority of new class A development has been occurring in West Palm Beach; however, new office development is also on the horizon in Boca Raton.

141K sf

Net absorption

Net absorption is off to a healthy start at the beginning of 2022 and is expected to see an uptick midway through the year, as several large move-ins are anticipated to take place in the second and third quarter.

$42.87 psf

Direct asking rent

Direct average asking rents continue to soar to new heights in the CBD amid unwavering tenant demand for class A assets. The overall direct average asking rate grew to $42.87 per square foot (psf).

5.1 msf

Availabilities

West Palm Beach continues to boast the lowest office vacancy in Florida; however, availability remained flat throughout the first quarter of the year.

12.8%

Vacancy

The West Palm Beach office market continued to surpass all other major Florida markets in the first quarter of 2022. Overall vacancy remains at a record low of 12.8% and sublease space has been minimal.

$235M

Investment sales

Office investment sales began strong in West Palm Beach with over $235 million in office transactions for the quarter. Pricing softened slightly over the quarter to $280 psf.

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Your source for the latest West Palm Beach office market reports

Get in-depth office market reports 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.

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