NAVIGATION

January 17, 2018

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

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Florida Trend Video Pick

81 year old commercial crabber reflects on life on the Little Manatee River
81 year old commercial crabber reflects on life on the Little Manatee River

Gus Muench, 81, has over 200 crab traps in the Little Manatee River. He has lived on and crabbed this river since 1976. Today, he sells his catch and runs an eco-tourism business, Gus’ Crabby Adventures. 

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