West Palm Beach office market reports

Q4 2022

Palm Beach saw more than 300,000 square feet (sf) of move-ins in the fourth quarter, an accelerated pace of occupancy that reflects the explosion of in-migration to the region as Palm Beach embraces its reputation as an alternative to Miami for affluent out-of-staters. High-profile bets on the area from Citadel and Blackrock, as well as a wave of new development plans from Related Companies, indicate that the region is well-positioned for growth in 2023.

765,010 sf

Under construction

West Palm Beach is undergoing an office development transformation led by Related Companies, that is planning several new properties in West Palm Beach. 765,010 sf are under construction with another 3.7 million square feet (msf) of office space proposed.

+318,479 sf


A wave of move-ins brought absorption to 318,479 sf in the fourth quarter, nearly half of the region’s annual 742,827 sf of absorption.

$42.81 psf

Asking rent

The average asking rate for office space in West Palm Beach was at $42.81 per square foot (psf) (FS), up 1.6% year over year in the fourth quarter.

5.2 msf


Total availability topped 5 msf at the end of December, with about 15% of all available space on the market being listed for sublease.



Fourth quarter vacancy was 10.6%, including sublease space, with 12% of downtown office space unoccupied.

$299.74 psf

Investment sales

Rising interest rates, investor hesitancy and increased construction costs have put downward pressure on investment sale prices, which fell 1% year-over-year to $299.74 psf.

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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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