Regional Summaries

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Palm Beach, FL

Vacancy in the Palm Beach county apartment market in the first quarter of 2017 was 4.9%, up 70 basis points for the period following a loss of 60 basis points through 2016. Rent growth has been uneven: at $1,418 and $1,340 per month, first quarter asking and effective averages were up 1.7% and 1.5% for the period following gains of just 2.9% and 2.2% all told last year. April followed with increases of 0.3% for the overall asking and effective rates along with a 20-basis-points reduction in the overall vacancy rate. VIEW APARTMENT LISTINGS >
Vacancy in the 22.6-million-square-foot Palm Beach county warehouse/distribution sector, though recently rising, remains low. The first quarter 2017 rate at 7.7% was up 40 basis points for the period following a gain of 60 all told last year. April’s 59,000 square feet of new supply met with 53,000 square feet of net absorption and no change in the vacancy rate. At $6.22 psf and $5.74 psf, first quarter 2017 mean asking and effective rents were up 0.6% and 0.7% for the period following last year’s increases of 2.3% and 2.5%. April followed with gains of 0.3% for both averages. VIEW INDUSTRIAL LISTINGS >
With only 23.4 million square feet of existing general purpose, multi-tenant inventory, down from the total counted for year-end and barely one-third of which qualifies as Class A, Palm Beach County hosts the smallest and least active of the three South Florida office markets. The first quarter 2017 overall vacancy rate, put at 15.6%, was unchanged since year-end following a decline by 130 basis points through 2016. A rate of 15.3% was calculated for April. Rates of rent growth, increasing in 2014 and 2015, slipped in 2016 and are expected to fall again this year. At $29.93 psf and $23.82 psf, average first quarter asking and effective rates were up 0.2% each for the period following last year’s gains of 1.5% and 1.8%. April followed respective increases of 0.1% and 0.2%. VIEW OFFICE LISTINGS >
At 8.9%, Palm Beach’s first quarter 2017 community-neighborhood shopping center vacancy rate was unchanged from a quarter earlier following a loss of 40 basis points through 2016. April brought no change. At $23.36 psf and $20.45 psf, first quarter community-neighborhood center average asking and effective rents were down 0.2% and 0.1% for the period on the heels of 2016’s gains of 2.8% and 2.9%. Gains of 0.2% followed in April for both averages. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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