PBC office market could surprise

Strong employment trends in Palm Beach County’s office market could lead
to a strong year, with a potentially substantial drop in vacancy,
according to a report from Marcus & Millichap. The market has a
small stock of competitive properties, meaning vacancy could drop to
less than 2 percent, with further reductions if new tenants emerge to
occupy properties like Congress Corporate Park in Delray Beach, which
stood entirely vacant at the end of the year. The report predicts
vacancy to drop by 70 basis points to 20.2 percent this year, with
asking rents declining to $28.12 per square foot. TRD