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Regional Summaries

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Palm Beach, FL

Apartment
The vacancy rate in the Palm Beach apartment market shed 60 basis points to close the first quarter of 2019 at 5.7%. At $1,568 and $1,479 per month, asking and effective averages for first quarter 2019 were up 0.5% each for the period following gains of 4.9% and 4.4% last year. VIEW APARTMENT LISTINGS >
Industrial
Palm Beach warehouse/distribution space vacancy ended the first quarter of 2019 at the very low rate of 4.8%, down 50 basis points for the period following a flat performance overall in 2018. Rent growth in the county has slowed but remains substantial; prices are high. At $6.87 psf and $6.39 psf, first quarter mean asking and effective lease rates were up 0.7% and 1.1% for the period following gains of 2.7% and 2.9% all told in 2018. For Flex/R&D space, Reis reports first quarter vacancy at 1.2%, up 30 basis points for the quarter and up 50 over the year. Average asking and effective rents are reported at $10.88 psf and $9.75 psf, down 0.1% and unchanged over the quarter, and up 1.5% and 1.4% over the year. VIEW INDUSTRIAL LISTINGS >
Office
With only 22.5 million square feet of existing general purpose, multi-tenant inventory, Palm Beach has the smallest and least consequential of the three South Florida office markets. Vacancy ended the first quarter of 2019 at 13.9%, up 20 basis points for the period after a loss of 40 through 2018. At $31.03 psf and $24.78 psf, average asking and effective rates for first quarter 2019 represented gains of just 0.2% and 0.1% for the period. VIEW OFFICE LISTINGS >
Retail
At 8.7%, first quarter 2019 Palm Beach community-neighborhood shopping center vacancy was up 10 basis points from the quarter before following last yearÂ’s 10-basis-points rise. At $24.79 psf and $21.68 psf, first quarter community-neighborhood center average asking and effective rents were down 0.1% each for the period following increases of 2.4% and 2.5% last year. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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