Figures

Palm Beach Office Figures - Q4 2023

January 9, 2024 5 Minute Read

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  • The construction pipeline in the CBD and Delray/Boynton Beach will provide fresh options as the combined Class A direct vacancy sits at a record low 8.8%.
  • Sublease availability stabilized in 2023 despite meaningful sums of new spaces added following numerous spaces being reoccupied and subleased.
  • In 2023, Class B rents experienced significant growth, rising by 10.6% to reach $27.43 per sq. ft., deviating from the usual trends observed in Class B buildings, which show a 10-year historical average rent growth of 4.5%. Conversely, despite previous years of record growth, Class A rents remained unchanged.