West Palm Beach Office Figures - Q2 2026

In the latest quarter, the office market recorded net absorption of 32,000 sq. ft. Net absorption decreased by 26,000 sq. ft. quarter-over-quarter. It increased by 22,000 sq. ft. compared with the same quarter one year earlier. Vacancy measured 14.4%. This represented an improvement of 30 basis points quarter-over-quarter. It was 110 basis points lower than in the comparable quarter of the prior year. From the earliest period in 2021, vacancy declined by 220 basis points. Average asking rents reached $40.37 per sq. ft. They increased 8.7% quarter-over-quarter. They rose 10.5% year-over-year. From the start of the series, average rents posted cumulative growth of 43.0%.

Space under construction totaled 1.5 million sq. ft. This was 307,000 sq. ft. higher than in the same quarter of the prior year. It was more than double the construction pipeline reported in 2023. After cumulative negative net absorption in 2023 and 2024, demand turned positive in 2025 and remained positive through the latest quarter. New leasing in the current period included three large transactions totaling 113,000 sq. ft. Bank of America Corp. signed a 61,000 sq. ft. lease in West Boca. Quadrant Health leased 27,000 sq. ft. in North Boca. CDM Smith committed to 25,000 sq. ft. in the West Palm Beach CBD.