Palm Beach County Office Figures Q3 2026

The Palm Beach County office market continued to gain momentum this quarter, recording 39,000 sq. ft. of positive absorption and remaining on pace to post a second consecutive year of occupancy growth. Vacancy and availability continued to trend downward as tenants absorbed existing space and renewed leases, limiting the amount of product returning to the market. Leasing activity remained robust, surpassing 700,000 sq. ft. for the quarter and highlighted by Fiserv’s 250,000 sq. ft. commitment in North Boca, the largest office lease signed in South Florida since 2020 and one of the largest office transactions ever recorded in the South Florida market.

In the CBD, demand for premium office space remains strong despite nearly 700,000 square feet of new supply delivered since 2020. Direct vacancy for Class A properties stands at 12.4%, while the Class A+ segment is slightly tighter at 11.7%. However, both figures are influenced by a large block of leased but not yet occupied space at 300 Banyan. Availability provides a more accurate measure of current market conditions, with Class A availability falling to 9.0% and Class A+ availability dropping to just 6.5%, highlighting the limited inventory of high-quality space available in the market.