October 20, 2014

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

BattleFrog Obstacle Race
BattleFrog Obstacle Race

Designed by U.S. Navy SEALs, the BattleFrog Obstacle course was created as a tribute to United States military and to help people learn about the work SEALs do.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Are you comfortable with the idea of a cashless society?

  • Yes - in fact I am excited about using my phone to pay
  • Why not - I use debit/credit all the time anyway
  • Maybe - it's inevitable, but I don't like it
  • No - I'll be using paper money as long as possible

See Results

Ballot Box
Subscribe