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Regional Snapshots - Palm Beach County

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%)