Figures

Palm Beach Industrial Figures - Q4 2023

January 9, 2024 5 Minute Read

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  • Palm Beach's trailing 12-month industrial net absorption has slowed to 340,000 sq. ft., down from elevated levels of 1.4 million sq. ft. reached during early 2022.
  • Concurrently, a substantial influx of new completions introduced an additional 1.5 million sq. ft. of new supply to the market, propelling the direct vacancy rate to 4.2% from 2.3% during the past 12-months.
  • The average asking rent remained steady throughout Palm Beach this quarter, reaching $15.75 per sq. ft. This historic high figure showcases the market’s resilience despite minimal quarterly fluctuations.