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Market Report

West Palm Beach Office Market Report

2024 Investment Forecast

Local Office Standing Defies National Trends,
Supporting Sales Even as Conditions Soften

Office vacancies stand out nationally. West Palm Beach enters this year with more occupied office space than before the pandemic, a distinction only shared with Las Vegas across major U.S. metros. Tight conditions are well documented across the metro, with six of nine submarkets recording vacancy rates below 10 percent leading into 2024. A 38,000-square-foot move-in by Vertical Bridge in Delray Beach this year should help maintain this dynamic. Meanwhile, smaller signings by boutique financial and services companies in Boynton-Lantana, Royal Palm Beach-Wellington and Palm Beach will aid conditions locally. The medical office segment has also been a standout, holding the nation’s fourth-tightest vacancy rate nationally last year at 5.7 percent, supported by a growing 65-plus age cohort that ranks in the same position in population growth over the next five years. This warrants 2024’s notable count of segment deliveries, which make up more than half of West Palm Beach’s overall pipeline. Still, segment conditions likely remain tight as over three-fourths of this space has already been accounted for.
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