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.
Palm Beach County office leasing activity was brisk this quarter, with an influx of new companies leaving California, New York and other states and setting up shop in Palm Beach County. Nearly 1 million s.f. of space was leased for the 2nd consecutive quarter. COVID has pushed tenants to this area.Michael Feuerman, Esq., SIOR, CCIM, Senior Vice President
Industrial demand is not letting up. Net absorption of space this quarter was more than 20 times the volume in the 1st quarter of the year, even with the delivery of over 1.4 million s.f. of new buildings. We expect rental rates to continue rising.Michael Feuerman, Esq., SIOR, CCIM, Senior Vice President
Leasing activity was strong this quarter in Broward County, with 1.2 million s.f. of direct leases and subleases. But rents dropped as vacancy increased, and net absorption went deeper into the red. Broward is not yet seeing the influx of new tenants that are going to Miami-Dade and Palm Beach Counties.Lloyd C. Berger, President
Demand for industrial space in Broward County remains strong, with over 2.2 million sf of direct leases and subleases signed this quarter alone. This is keeping net absorption positive and keeping rates high, at just under $10.00/s.f. NNN, on average.Lloyd C. Berger, President