The Real Deal Miami

Palm Beach office vacancy falls

April 17, 2011 11:54PM

Palm Beach County’s office vacancy has fallen to 26 percent, although it
is still the highest in South Florida, according to a report from CB
Richard Ellis. The market’s occupancy rate dropped by 1.3 percentage
points from the first quarter. There were a total of five office sale
transactions, totaling 1.31 million square feet in the first quarter, a
positive sign as institutional equity comes of the sidelines in a
“flight to quality,” led by the sale of the CityPlace Office Tower in
West Palm Beach. Several factors bode well for the market’s growth,
including expansion plans by JP Morgan Chase Bank, along with “fast
track” permitting by the county commission to get certain new companies
started more quickly. TRD