Palm Beach remains the most tenant-friendly of South Florida's major industrial markets today, but new construction has fallen roughly 70% from its 2023 peak, a trend worth watching if you're planning more than a year or two ahead.
Palm Beach remains the most tenant-friendly of South Florida’s major industrial markets today, but new construction has fallen roughly 70% from its 2023 peak, a trend worth watching if you’re planning more than a year or two ahead. Today’s conditions and tomorrow’s are pointing in different directions.
Asking rents in Palm Beach sit at $13.98/SF and slipped 0.4% over the past quarter, even while remaining up 7% year over year. Vacancy is 8.0% and availability 9.0%, the latter up 1.4 points from a year earlier. Compared to Broward and Miami-Dade, where rents run above $17/SF, this is the clearest value and the most negotiating room in the region.
Space under construction has fallen to roughly 799,000 SF, down from a 2.6 million-SF peak in 2023. That is a 70% reduction, and it takes eighteen months to two years for a decision not to build to show up as an absence of available space. Roughly 805,000 SF is still set to deliver by year-end, which will keep conditions soft through the near term, but there is comparatively little behind it.
For perspective on how quickly this market can move, vacancy here was 2.1% as recently as late 2022.
If you have a near-term Palm Beach requirement, today’s market still strongly favors negotiating hard on rent and concessions, particularly against buildings delivering into the year-end wave. Securing a longer term now, while conditions favor you, is worth considering over a short lease that will come up for renewal into a tighter market.
If you are planning further ahead, an expansion, a renewal, or a long-term investment decision, the shrinking pipeline is the number to watch. Markets that stop building eventually stop being tenant markets, and the lead time on that shift is exactly the window in which good decisions get made.
Timing an asset well is only part of it. We lease Palm Beach space, list buildings for sale when the window is right, and manage properties for owners holding through the cycle.
Get our team’s read on leasing, listing or managing your Palm Beach property →
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