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Regional Summaries

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Palm Beach, FL

Apartment
Vacancy in the Palm Beach apartment market ended 2015 at 5.6%, unchanged since the third quarter but up 30 basis points for the year. Rent growth rates have been high. At $1,321 and $1,266 per month, asking and effective averages were up 4.7% and 5.2% for the year. Growth rates for the final quarter alone were 1.4% and 1.5%. The vacancy rate added fully 60 basis points during January 2016 to close at 6.2%, while the average asking and effective rents each saw a 0.1% increase. VIEW APARTMENT LISTINGS >
Industrial
With 21.9 million square feet of existing inventory, the Palm Beach County warehouse/distribution market is small. Vacancy in this sector ended the fourth quarter of 2015 at just 6.7%, a decline of 30 basis points since the third quarter, a loss of 60 for the year. The 26,000 square feet of net absorption that followed in January 2016 along with no construction completions reduced the rate by another 20 basis points. Modest rent growth, but at high prices, is indicated. At $6.04 psf and $5.56 psf, asking and effective rates for Palm Beach County warehouse/distribution space were up 1.2% and 1.5% for 2015. Gains for the latest quarter alone were 0.5% and 0.7%. No changes followed in January. VIEW INDUSTRIAL LISTINGS >
Office
The 23.6-million-square-foot Palm Beach general purpose, multi-tenant office market vacancy rate ended 2015 at 16.9%, same as a year earlier but down 40 basis points during the fourth quarter, to which January added a 10-basis-points decline. At $29.42 psf and $23.34 psf, mean asking and effective rents were up 2.0% each in 2015. Gains for the latest quarter alone were 0.4% and 0.5%, to which January added increases of 0.2%. VIEW OFFICE LISTINGS >
Retail
Vacancy in the Palm Beach community-neighborhood shopping center market ended the fourth quarter of 2015 at 9.6%, down 90 basis points for the year and unchanged for the quarter. At $22.78 psf and $19.91 psf, fourth quarter community-neighborhood center average asking and effective rents were up 3.5% and 3.8% for the year, and were up 0.8% and 1.0% during the final quarter. The 39,000 square feet of net absorption that followed in January 2016 alongside no additions to supply lopped 50 basis points from the vacancy rate while each mean rent grew by 0.2%. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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