January 29, 2015

Commercial Real Estate

Regional Snapshots - Palm Beach County

Mike Vogel | 9/8/2012

Four New York area hedge funds, anticipating higher taxes, relocated to Palm Beach and West Palm Beach this year. A high vacancy rate and distressed assets continue to pressure rents in the office, industrial and retail sectors. Meanwhile, the Glades Road area in Boca Raton went from 72% occupied to 90% in 18 months — “the quickest to recover,” says Mark Pateman of Cushman & Wakefield.

New construction is scarce, but the Flagler Center, which Pateman represents, completed a $2-million renovation. Industrial developer IDI has a joint venture with sugar company Florida Crystals to build an inland port in the west county.

Sector Vacancy Rent (per sq. ft.)
Office 25.7% $27.27
Industrial 9.6 6.44
Retail 8.4 17.75
» 1-Year Employment Change +5,700 jobs (+1.1%)

Tags: Southeast, Real Estate, Commercial Real Estate, Regional Snapshots

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single ditgital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

How to let altruism be your guide
How to let altruism be your guide

Matthieu Ricard, a happiness researcher and a Buddhist monk, says altruism is also a great lens for making decisions, both for the short and long term, in work and in life.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Superbowl Poll: My favorite thing about the big game is:

  • The game itself (go team!)
  • Partying with friends (and the food + drink)
  • Watching commercials or halftime
  • Nothing, not into it

See Results

Ballot Box
Subscribe