Building boom, falling vacancies: 5 things to know about Palm Beach County’s warehouse market

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Palm Beach County’s warehouse market is in the midst of a mini-boom of new construction. Space is being snapped up quickly, according to Colliers International.

Highlights from the commercial real estate brokerage’s report for the end of 2016:

  1. Overall vacancy rates in Palm Beach County plummeted to 4.2 percent, a nine-year low.
  2. There’s plenty of demand for new space. A million square feet of new space “was quickly absorbed in 2016,” Colliers International said.
  3. Boca Raton reported the lowest vacancy rate at 1.2 percent at the end of the fourth quarter, followed by Jupiter’s 1.5 percent.
  4. Boca has the priciest space, at $14.53 per square foot, followed by Jupiter’s $11.43 per square foot. Countwide average industrial rents rose to $8.37 per square foot.
  5. Some 422,171 square feet of new industrial space is under construction, mostly at Steve McCraney’s Turnpike Business Park in central Palm Beach County.

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