The Palm Beach County industrial market has improved enough to justify new construction.
Vacancies in the county dropped from 8.3 percent at the end of 2012 to 7.3 percent at the end of last year, the Palm Beach Post reported. West Palm Beach vacancies were at 5.9 percent at the end of 2013. A lack of new construction allowed landlords to fill their empty warehouse spaces.
McCraney Property recently announced plans to build the first new industrial project in West Palm Beach in the last five years. The company intends to construct 100,000 square feet of distribution space at Vista Business Park. It also plans 150,000 square feet of industrial space on a site along Florida’s Turnpike north of Southern Boulevard.
Other projects in the works include a 650,000-square-foot distribution facility for Aldi in Royal Palm Beach and Duke Realty’s proposed 1 million square feet of industrial space at its Turnpike Crossings in West Palm Beach. [Palm Beach Post] — Eric Kalis