| | Colliers International Palm Beach County Office Market Reports | Fourth Quarter 2020 |
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| The Office Market in Palm Beach County Showed Resilience in
2020 With Promising Indicators for a Stable 2021 |
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| | The Palm Beach County office market shows resilience in the face of a challenging
year, although the true impact of the pandemic remains unclear. At the end of the
fourth quarter of 2020, vacancy rates increased to 11.2 percent, a 100-basis point
increase since Q4 2019. Palm Beach saw relatively fewer new office deliveries in
2020 compared to its southern neighbors (Broward County and Miami-Dade County)
which allowed vacancy rates to increase only marginally as some tenants reduced
their footprint. However, there is an optimistic outlook for 2021 as the migration
of companies from the northeast high tax states hone in on South Florida, and in
particular, West Palm Beach, to relocate or expand their operations. Furthermore,
companies are beginning to phase in their return to work plans in light of the promising
roll out of the COVID-19 vaccine. |
Download your complimentary copy and learn more about:
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Regional Market Transactions & Highlights
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Miami-Dade, Broward, and Palm Beach counties
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Vacancy & Absorption Rates
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Notable Leasing Activity
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User & Investment Sales
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Submarket & County Breakdowns
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| Copyright 2021 Colliers International.
Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. |
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