Palm Beach County Industrial Market Report
Market Overview
The Palm Beach County industrial market is a crucial logistics hub with significant business infrastructure. With a large population pool and thus heighted buying power, the South Florida market has an impressive logistical network to meet purchasing demand. The available space in Palm Beach County’s industrial market continues to attract businesses and drive in the area — see how the county’s industrial market is performing compared to previous quarters. Click here to view the Q4 2023 report.
Palm Beach County by the Numbers
- Vacancy Rate: 6.3%
- Asking Rent Growth: 6.1%
- Deliveries in SF: 2M
- Net Absorption in SF: 20.8K
- Sales Volume: $471M
Last 12 Months | Source: CoStar Group
Rents, Vacancy, and Construction
Palm Beach County industrial rent has increased by 6.1% over the last year. Strong tenant demand allows rent to sit around $17.70 per square foot. Vacancies have risen to 6.3% as of Q3 2024 but remain below the U.S. average of 6.6%. Construction starts significantly increased in Q1 2023, bringing in 1.3 million square feet that quarter. Currently, 820,000 square feet are underway as of Q3 2024, while over 1.8 million square feet are expected to be delivered in 2024.
Sales
Strong investor demand continues to drive Palm Beach industrial pricing up. The average annual transaction price is $174 per square foot, up from $122 per square foot three years ago. Annual sales volume totals $476 million, which is in line with the long-term annual average of $418 million over the last 10 years.
