Berger Commercial Realty has analyzed the office and industrial markets in both Palm Beach and Broward Counties, to help you keep track of key data. This information has proved valuable for our clients: tenants, investors, and landlords can all follow their respective markets to understand the leverage they have in negotiations, and whether their property is outperforming (or under-performing) the rest of the market.
Tenants and investors continue to flock to Palm BeachMichael Feuerman, Esq., SIOR, CCIM, Senior Vice President
County. Vacancy rates have held at or below 10% for the past
several years. Rental rates are climbing. And the recent sale
of the three Boca Center office properties for $171.5 million
(over $454 per s.f.) demonstrates the strong confidence that
investors have in our office market.
New industrial construction is being rapidly absorbedMichael Feuerman, Esq., SIOR, CCIM, Senior Vice President
in Palm Beach County, keeping the vacancy rate
between 3 – 4% for the past several years, and
sustaining quarter-over-quarter rent growth. We don’t
see this letting up any time soon.
Leases were executed for over 1.2 million s.f. this quarterLloyd C. Berger, President
in Broward’s office market – nearly 2% of the total office
space in the county, yet vacancy rates decreased by only
0.3%. There may be some “musical chairs” going on in the
market as new construction attracts tenants.
Three new properties (more than 350,000 s.f.) wereLloyd C. Berger, President
delivered this quarter alone, with another 964,000
s.f. under construction. Demand is keeping up with
new supply, and rental rates are rising, justifying the
new investment and construction in Broward’s