The Real Deal Miami

Brokers hope research and development will reignite Palm Beach market

May 11, 2009 06:20PM

The office vacancy rate in Palm Beach County is over 20 percent, but area brokers hope that as research and development institutes move to the area they will bring high-paying jobs and new business, both important to the real estate market. The Scripps Research Institute and the Max Planck Institute are two science research centers that are coming to the area. For the moment, though, average asking rents are below $20 per square foot and are expected to decrease further this year, as are job losses in the county.