Figures
Palm Beach Industrial Figures - Q1 2024
April 10, 2024 5 Minute Read
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- As 2024 gets underway, key performance indicators of Palm Beach’s industrial market have been softening over the past four quarters. However, the vacancy rate dropped by 30 basis points quarter-over-quarter. As a result, the market for both large and small bay spaces remains very tight in most submarkets, even as supply additions have risen over the past few quarters.
- Markets shifts have been visible in rent movement, too. Asking rents have grown by about 6% year-over-year, which exceeds the region’s long-term annual growth rate of about 4%.
- A positive for landlords in Palm Beach is that supply-side pressures have been moderating as well. With about 1.5 million square feet underway metro-wide, the pipeline remains above historical norms.
- Net absorption was positive for the 16thstraight quarter in Q1 2024, though the pace slowed considerably.