Figures
Palm Beach Industrial Figures - Q4 2024
January 10, 2025 5 Minute Read
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- The year ended with positive net absorption, surpassing last year’s figure. The bulk of the demand came from the West Palm Beach submarket, which registered 477,951 sq. ft. of positive net absorption in 2024. A key factor influencing the market is the preference for Class A buildings, which have consistently seen positive net absorption since late 2020.
- Currently, large vacant spaces remains the market's biggest challenge, and the combination of normalizing demand and record levels of big-box construction has lifted the vacancy rate to 6.8%, 450 basis higher than two years ago. Developers have delivered 3.4 million sq. ft. since 2023, and an additional 727,179 sq. ft. remains underway. The bulk of new space has been in speculative distribution centers larger than 200,000 sq. ft. in the Palm Beach Park of Commerce, a park that is located outside of the core market.