Figures
Palm Beach Industrial Figures - Q2 2024
July 11, 2024 5 Minute Read
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- In line with national trends, demand for industrial space in Palm Beach is moderating. Demand fell negative this quarter, pushing vacancy higher as space enters the market. At 6.2%, vacancy is at a multi-year high.
- Many of the market's most recent moveouts have been in older inventory. New vacancies of 10,000 sq, ft or more have come from buildings averaging 35 years old. Recent move-ins have focused on the market's newest buildings.
- Industrial rent growth in Palm Beach is stabilizing after a swift deceleration through the first half of 2023. Rent growth is up year-over-year and sits at 4.2%, which remains above the national rate of 4.0%.