Palm Beach County Office Market Improving

Palm Beach County Office Market Improving

 

David Cohn, Mangrove Realty, Inc. January 14, 2014

55 Delray, Mangrove Realty Office

55 Delray – Mangrove Realty, Inc. Office

 

I just read an article from http://www.dailybusinessreview.com/ that went in depth regarding Palm Beach’s office market.  Because we are so close to Miami-Dade, and their commercial market has taken off, Palm Beach county is piggy backing on Miami’s growth.

Commercial Real Estate in Palm Beach County is improving

 

Palm Beach County has nearly 23.2 million square feet of office space. About 23 percent of that office space — or 5.4 million square feet — is vacant.  There’s room for growth, but the market’s headed in the right direction

Multiple large deals toward the end of last year lowered vacancy rates and boosted absorption. In the fourth quarter, 50,000 square feet was leased at the Esperante Corporate Center, which changed hands in a $71 million sale during that period. That deal was the first sale in the central business district since CityPlace Tower traded in 2011.

The last three months of 2103 saw other major leases, including Frisco, Texas-based Conifer Revenue Cycle Solutions LLC’s contract for 97,762 square feet at Boca Corporate Center and Campus. That deal was the largest lease agreement in the county in 2013.  The corporate center secured another major tenant when Boca Raton-based Tyco Integrated Security, a provider of commercial security systems, leased 72,234 square feet for its 280 employees.

Read more: http://www.dailybusinessreview.com/id=1202638003474/Piggybacking-Off-Miami-Dade%2C-Palm-Beach-County-Office-Market-Improving#ixzz2qPKyiTqH