The Real Deal Miami

Palm Beach office use drops

December 01, 2009 03:52PM

Statewide unemployment rates are higher than the national average, and office jobs are vanishing in Palm Beach County, according to fourth-quarter Office Research Report by Marcus & Millichap. Office jobs in the county dropped 2.2 percent for the year to date, and vacancy rates will keep rising against a backdrop of falling rents, the brokerage said. Gregory Matus, regional manager of the Fort Lauderdale office of Marcus & Millichap, said office-using job sectors in the county are forecast to shed 8,800 workers in 2009, a decrease of 6.3 percent; asking rents are projected to fall 2.3 percent to $28.93 per square foot. TRD