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:
- Overall vacancy rates in Palm Beach County plummeted to 4.2 percent, a nine-year low.
- There’s plenty of demand for new space. A million square feet of new space “was quickly absorbed in 2016,” Colliers International said.
- 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.
- 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.
- 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.