West Palm Beach Office Figures Report - Q1 2026

In Q1 2026, the Palm Beach office market posted positive net absorption and modestly lower vacancy. Quarterly net absorption measured 27,000 sq. ft., following full‑year 2025 net absorption of positive 196,000 sq. ft. versus negative 143,000 sq. ft. in 2024, a 339,000 sq. ft. year‑over‑year turnaround. Vacancy declined from 16.0% in Q4 2024 to 15.4% in Q1 2026, including a 0.4 percentage‑point decrease year‑over‑year and a 0.2 percentage‑point drop quarter‑over‑quarter, while availability fell 1.1 percentage points year‑over‑year to 20.1%.

Average asking rents increased modestly. In Q1 2026, they stood at $36.73 per sq. ft., up 1.5% quarter‑over‑quarter and 0.3% year‑over‑year from $36.64 per sq. ft. Construction activity also expanded: the under‑construction pipeline rose from 1.0 million sq. ft. in Q4 2025 to 1.5 million sq. ft. in Q1 2026, as 10 CityPlace broke ground this quarter in West Palm Beach CBD.