Commercial West Palm Beach Real Estate Vacancy Less than 8.6%
The commercial West Palm Beach real estate market has seen some of the highest demand in the country ever since the passage of Hurricane Katrina. The influx of businesses that want to temporarily or permanently relocate to the city is making already hot commercial West Palm Beach real estate sizzle.
The vacancy rate of commercial West Palm Beach real estate currently stands at less than 8.6 percent, but it is expected to drop further as more and more uprooted businesses realize that they won’t be able to return home any time soon. “In the office sector, vacancy rates are at the lowest level since 2001, resulting from a rise in space absorption and a decline in speculative building.”
And as vacancy decreases, the rents of commercial West Palm Beach real estate can only increase. Office rent is expected to increase by 4.4 percent this year and next.
The vacancy rate of commercial West Palm Beach real estate currently stands at less than 8.6 percent, but it is expected to drop further as more and more uprooted businesses realize that they won’t be able to return home any time soon. “In the office sector, vacancy rates are at the lowest level since 2001, resulting from a rise in space absorption and a decline in speculative building.”
And as vacancy decreases, the rents of commercial West Palm Beach real estate can only increase. Office rent is expected to increase by 4.4 percent this year and next.
