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Regional Summaries

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Palm Beach, FL

Apartment
Vacancy in the Palm Beach County apartment market ended 2017 at 5.8%, up 30 basis points for the period and up fully 170 for the year following a decline by 70 the year before. By the end of January 2018, the overall rate had risen to 6.1%. Rent growth has been uneven but was very strong in 2017. At $1,469 and $1,393 per month, fourth quarter asking and effective averages were up 5.5% and 5.7% for the year following gains of just 2.7% and 2.0% all told in 2016—after increases of fully 6.8% apiece in 2015. Gains in the fourth quarter of 2017 alone were 0.7% and 0.2%, to which January 2018 added increases of 0.5% and 0.4%. VIEW APARTMENT LISTINGS >
Industrial
Vacancy in the Palm Beach county warehouse/distribution sector closed the fourth quarter of 2017 at the notably low rate of 5.7%, down 40 basis points for the period and down 150 for the year—following a 50-basis-points increase in 2016. The 24,000 square feet of positive net absorption that followed in January 2018 lowered the rate to 5.6%. Strong rent growth at high prices is indicated. At $6.65 psf and $6.15 psf, fourth quarter mean asking and effective warehouse/distribution space lease rates were up 5.2% and 5.5% for the year following 2016’s increases of 4.1% and 4.3%. Gains for the fourth quarter alone were 1.4% and 1.5%, to which January 2018 brought increases of 0.3% and 0.5%. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in the Palm Beach County general purpose, multi-tenant office market ended 2017 at 15.0%, down 30 basis points since the third quarter and down 50 for the year. The rate for January 2018 is reckoned at 15.3%. Rates of rent growth, after slipping in 2016, revived somewhat in 2017. At $30.47 psf and $24.29 psf, average fourth quarter asking and effective rates were up 2.0% and 2.1% for the year following gains of 1.5% and 1.9% in 2016. Gains for the fourth quarter alone were 0.4% and 0.5%. January 2018 followed with an essentially flat performance. VIEW OFFICE LISTINGS >
Retail
At 8.5%, the Palm Beach County fourth quarter 2017 community-neighborhood shopping center vacancy rate was down 20 basis points for the period and down 30 for the year following a loss of 50 in 2016. January 2018 reduced the rate by 20 more. At $24.22 psf and $21.18 psf, fourth quarter community-neighborhood center average asking and effective rents were up 3.5% each for the year following gains of 2.7% and 2.8% through 2016. Gains in the fourth quarter of 2017 alone were 1.0% each to which January 2018 added increases of 0.2%. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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