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Regional Summaries

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Palm Beach, FL

Apartment
Vacancy remains favorable in the Palm Beach apartment market. The marketwide vacancy rate ended 2016 at 4.1%, unchanged since the third quarter but down 70 basis points for the year. A sharp slowdown, however, is indicated for rent growth: at $1,391 and $1,323 per month, fourth quarter asking and effective averages were up 2.9% and down 2.1%, respectively, for the year. Respective growth rates in the fourth quarter of 2016 alone were 1.9% and 1.8%. January 2017 followed with increases of 0.3% for both rates along with a 40-basis-points increase in the vacancy rate. VIEW APARTMENT LISTINGS >
Industrial
The Palm Beach County warehouse/distribution sector claims only 22.4 million square feet of existing inventory, and vacancy here remains low. The fourth quarter 2016 rate at 7.3% was up 30 basis points for the period and was up 60 year-to-date. At $6.18 psf and $5.70 psf, fourth quarter 2016 mean asking and effective rates were up 2.3% and 2.5% year-over-year. Gains for the fourth quarter alone were 0.8% and 0.9%. A sum of 17,000 square feet of positive net absorption in January 2017 took 10 basis points from the vacancy rate. Rent growth rates for the month are reported at 0.3% asking and 0.4% effective. VIEW INDUSTRIAL LISTINGS >
Office
The 23.6-million-square-foot Palm Beach general purpose, multi-tenant office market vacancy rate ended 2016 at 15.6%, down 20 basis points since the third quarter and down 130 for the year. Rates of rent growth, increasing in 2014 and 2015, slipped in 2016. At $29.86 psf and $23.77 psf, average fourth quarter asking and effective rates were up 1.5% and 1.8% for the year. Gains for the fourth quarter of 2016 alone were just 0.1% and 0.2%. January 2017 followed with net absorption at negative 5,000 square feet, no change in the vacancy rate, and small increases in average rents. VIEW OFFICE LISTINGS >
Retail
At 8.5%, the fourth quarter 2016 Palm Beach community-neighborhood shopping center vacancy rate was down 20 basis points for the period and was down 80 for the year. January 2017’s negative 1,000 square feet of net absorption left the rate unchanged. At $23.41 psf and $20.48 psf, fourth quarter community-neighborhood center average asking and effective rents were up 2.8% and 2.9% year-over-year. Growth rates for the fourth quarter of 2016 alone were 0.9% for both rates. Losses of two cents and one cent, respectively, followed in January. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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