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.
The Palm Beach County office market saw healthy lease activity, occupancy growth, and rental rate growth. The office market continues to see strong demand from out-of-state companies migrating to Palm Beach County, helping to maintain a strong vacancy rate at just 8.3%, the lowest level since Q1 2007.Michael Feuerman, Esq., SIOR, CCIM, Senior Vice President
Vacancy rates in the Palm Beach County Industrial market are at the lowest level since early 2019, and rental rates are at the highest level since Costar.com started tracking the market. With just 3.1% vacancy, and no new buildings delivered in the quarter, demand isMichael Feuerman, Esq., SIOR, CCIM, Senior Vice President
overtaking supply and driving up rents. Owners are capitalizing on market conditions and taking profits, with several industrial portfolio sales closed this quarter.
Rental rates and occupancy increased this quarter, but at a slower pace than previous quarters. Vacancy was down just 10 basis points to 10.4%, and rents increased by less than 1%, compared to 2.3% growth in the prior quarter. Landlords continue to lease space – more than 860,00 s.f. this quarter – the outlook is strong as we put Omnicron in the rearview.Lloyd C. Berger, President
Broward County’s industrial market continues to exhibit very strongLloyd C. Berger, President
growth. Rents are up more than 5% from Q3. Absorption is up more
than 2%, and vacancy is down 120 basis points to 4.4%. The increase of online commerce will continue to fuel high demand for