August 16, 2022

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

Florida Business News

Florida Trend Video Pick

Broward Superintendent Vickie Cartwright talks about how they're solving teacher shortages
Broward Superintendent Vickie Cartwright talks about how they're solving teacher shortages

Broward Schools Superintendent, Dr. Vickie Cartwright, talked about some of the measures they're taking to make sure there's a teacher in every classroom.

 

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Should recreational marijuana for ages 21 and up be legalized in Florida?

  • Absolutely
  • No way
  • Undecided/need more information
  • Other (Please share your comments in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2022 Trend Magazines Inc. All rights reserved.