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.
Over 1.3 million s.f. of leases were signed this quarter in the Palm Beach County office market, driving rental rates higher and pushing vacancy rates to the lowest level since early 2019. Tenants continue to move to Florida from out of state, and activity remains strong going into 4Q.Michael Feuerman, Esq., SIOR, CCIM, Senior Vice President
The Palm Beach County Industrial market is in a very strong, stable state, with low vacancy, high rents, and very little change to inventory. Still, parties inked over 689,000 s.f. of leases this quarter alone.Michael Feuerman, Esq., SIOR, CCIM, Senior Vice President
Office leasing in Broward County was strong this quarter. Tenants leased over 868,000 s.f. and rental rates spiked nearly $0.90/sf. No new buildings were delivered and vacancy dropped for the first time in 2 years.Lloyd C. Berger, President
The Broward Industrial Market is as more active than we’ve seen inLloyd C. Berger, President
years. Over 3.1 million s.f. of space was leased this quarter, and
vacancy was down more than a full percentage point. Rents also
increased as activity remains hot. The coming quarter will see at least 450,000 of new inventory.