Improved business market lifting Palm Beach County office sector: report

An improved business environment in Palm Beach County is helping to lift market conditions for the area’s office market, according to a report from Cushman & Wakefield. While vacancy dropped just 0.1 percentage points to 20 percent in the second quarter, leasing activity has improved by 6.2 percent compared to the same period in 2011. “Vacancy rates will likely trend downward for the balance of the year and rental rates for higher-end properties should continue to rise,” the report said. Construction is slated to remain limited, however. — Alexander Britell