West Palm Beach office market reports
Q3 2025
The West Palm Beach office market is positioned for exceptional growth in the coming years. In Q3 2025, total leasing activity reached 984k sf, the highest quarterly volume since before 2020. This surge was largely driven by a few major deals, including ServiceNow’s 200k sf lease at 15 CityPlace and Cleveland Clinic’s 130k sf lease at 10 CityPlace. When this under construction supply hits the market and these leases commence, over 300k sf of space will be absorbed, placing significant downward pressure on vacancy and positioning West Palm Beach as one of the tightest office markets in South Florida. Rents experienced strong quarter-over-quarter growth, reflecting rising demand across the region. From an availability perspective, trophy assets continue to record the lowest vacancy rates, underscoring the persistent “flight-to-quality” trend among tenants.
Leasing activity
West Palm Beach saw 984k sf of leasing activity in Q3 2025, proving to be the highest recorded total in the past 19 quarters.
Asking rent rate
West Palm Beach rents saw a minor quarter-over-quarter uptick, posting an average fs asking rate of $49.27.
Trophy space vacany rate
Trophy space was the only asset class to experience a single digit vacancy rate in Q3 2025.
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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.
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