The Real Deal Miami

Office vacancy rate in Palm Beach still high

Yet asking rents are on the rise
March 19, 2014 04:30PM

Office buildings in Palm Beach County

Office buildings in Palm Beach County

Space in Palm Beach’s most sought after office buildings is growing scarce, even as vacancies remain high throughout the county.

Palm Beach’s vacancy rate fell to 19.8 percent in 2013 from 21.6 percent the year before, according to a recent report from Commercial Florida Realty Services in Boca Raton cited by the Sun-Sentinel.

In comparison, a typical healthy market has a vacancy rate of 10 percent or below. But even with the area’s high vacancies, asking rents increased to $18.57 a square foot last year from $17.86 in 2012.

“Tenants today are seeking quality office space with newer, up-to-date technology and amenities to help them attract a (strong) employment base,” Greg Martin, principal with Avison Young, told the Sun-Sentinel. [Sun-Sentinel]Christopher Cameron