Real Estate Snapshot
Q3 2019 Palm Beach County Industrial Marketview
- Total vacancy for the Palm Beach industrial market was 2.2% and has remained below 4% for 16 consecutive quarters.
- Private buyers represent 82.7% of total buyer composition as of Q3 2019.
- Palm Beach County’s unemployment rate decreased 10 bps year-over-year to 3.7% since August 2018.
- The Palm Beach industrial market currently has three buildings under construction and an industrial park composed of nine single user buildings. The total inventory under construction is 537,604 sq. ft
Q3 2019 Palm Beach County Office Marketview
- 2019 year-to-date investment sales have totaled $486 million across 25 transactions.
- Tricera Capital has plans of a re-development of the Palm Beach Post campus located in West Palm Beach which will consist of 140,000 sq. ft. office, and 125,000 sq. ft. retail space.
- Q3 2019 vacancy continues to drop sitting at 12.2%, a 100 basis point improvement year-over-year.
- The overall average asking rate for Q3 2019 was $23.92, a 10% increase year-over-year.
PALM BEACH COUNTY INDUSTRIAL MARKETFLASH
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