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Palm Beach Industrial Figures - Q2 2023

July 17, 2023 5 Minute Read

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  • The direct vacancy rate dropped 30 basis points during the second quarter to 2.9%.
  • Absorption in the second quarter totaled 114,016 sq. ft. This was on pace with the first quarter, but 10% less than the five-year historical quarterly average.
  • There is more than 2.0 million sq. ft. of industrial inventory under construction –the highest on record. Some notable projects include Prologis Airport Center (bldg. 5), Beeline Logistics Center, and Southern Way Business Center.