Wednesday, April 27, 2016

The latest news about office space in Palm Beach County

Jeff Ostrowski at The Palm Beach Post has the latest in an article titled, "Office vacancies down, rents up, but new construction still lags":

     "Office vacancies fell to 18.9 percent in the first quarter, their lowest point in years, and rents have risen for 10 quarters in a row, reaching an average of $18.38 per square foot, according to a report by commercial real estate brokerage CBRE."

[and. . .]

     "As a result, Cushman & Wakefield said, Palm Beach County’s average office rent jumped nearly 12 percent from the first quarter of 2015 to the first quarter of 2016. And CBRE said landlords no longer offer concessions such as free rent, free parking or hefty budgets for tenant improvements.
     Real estate is local, as the saying goes, and the fortunes of Palm Beach County’s submarkets vary widely. Delray Beach’s vacancy rate is 46.5 percent, CBRE says. Royal Palm Beach’s vacancy is only 6.3 percent."

2 comments:

Anonymous said...

In today's digital world physical offices aren't as necessary as in decades past. Many office's primary function was to house filing cabinets. Those went out of favor at the dawn of the digital age. These days many business's are able to forego the classic office.

Anonymous said...

My company is paying more per square foot in WPB for office space (class a) than any other office is our national company besides NYC. We clearly need more class a office space in WPB.