Saturday, July 2, 2016

From The Real Deal: "Industrial real estate market sizzles in Palm Beach County"

Dan Weil, the reporter for The Real Deal, subtitles this article "Vacancy rate for industrial properties fell to a 10-year low of 3.4 percent in Q1". Two excerpts from the article:

     The industrial real estate market in Palm Beach County is red hot, powered by the booming residential market, experts say.
     “We’re seeing tenants like air conditioning, tile, marble, plumbing and lumber companies,” Robert Smith, who deals heavily with industrial real estate as executive vice president of CBRE in Boca Raton, told The Real Deal. “A large percentage of industrial users are housing related.”
     Palm Beach County is one of the few areas in South Florida with space to build single-family homes, he noted. And thousands of homes are planned by the likes of Pulte, Kolter and Minto. “Nobody has built industrial space to support that growth,” Smith says.

[and. . .]

     "The scarcity of industrial product hasn’t gone unnoticed by developers. They plan more than 1 million square feet of industrial buildings in the unincorporated area along Florida’s Turnpike [emphasis added] between Southern Boulevard and Belvedere Road outside West Palm Beach, according to the Palm Beach Post.

More western sprawl and little or no reaction from the environmentalists in Palm Beach County. If you didn't know, the little City of Lake Worth has 2 of the "19 Best Environmentalists in South Florida" but good luck getting them to chime in on this topic. They're too concerned with a drive-thru, LED street lights that "go sideways", and doing anything they can to scuttle any progress whatsoever in this little 6 square mile slice of paradise.

And so it goes. . .