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’s office market was buoyed by an influx of tenants from outside the state, seeking lower taxes, better weather, and fewer restrictions. There were eight office leases signed in the 1st quarter alone that were over 20,000 s.f. This helped push up lease rates and absorption.Michael Feuerman, Esq., SIOR, CCIM, Senior Vice President
Palm Beach County continued to stay red hot in the industrial market, with rental rates pushing to a new high average at $10.27/s.f. NNN. With leasing activity slightly lower than previous quarter, and space delivery higher than the previous quarter, the county saw negative net absorption of space.Michael Feuerman, Esq., SIOR, CCIM, Senior Vice President
Rental rates are holding and although absorption is in the negatives again this quarter it is trending upwards. As we go back to the office absorption should turn positive.Lloyd C. Berger, President
Absorption of over 1.1 million s.f. in the Palm Beach industrialLloyd C. Berger, President
market is a reflection of the fast. pace of growth, as online sales
continue to drive demand for warehouse and distribution space.
Rental rates are back on an upward trend in response to the strong