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Heavy correction seen for Palm Beach County offices

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Brokerage Cushman & Wakefield forecasts a heavy price correction for Palm Beach County office space, after the market’s vacancy rate rose to 18.6 percent in the third quarter. Move-outs outpaced move-ins by 526,000 square feet, the brokerage says. Subprime lender First NLC left 120,000 square feet in Boca Raton and Washington Mutual departed from 83,000 square feet in Lake Worth. On the plus side, Gerry Research leased 143,000 square feet in Boca Raton.