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Home > Real Time > Archives > 2008 > August > 01 > Entry

Palm Beach County office, industrial markets soften

By Jeff Ostrowski | Friday, August 1, 2008, 02:04 PM



Palm Beach County’s office and industrial developers are adding space, but tenants aren’t exactly snapping up the new offerings.

That’s according to Cushman & Wakefield’s second-quarter market report. See the report here.

Palm Beach County’s office vacancy 16.2 percent in the second quarter from 15.5 percent in the first, Cushman says. The county’s 24 million-square-foot office market saw “negative absorption” (that’s brokerspeak for new construction and departures outnumbering move-ins) of 183,000 square feet in the first half of the year.

The very tight industrial market boasted only 4.2 percent vacancy, lowest in the state. Even so, the industrial market also saw negative absorption of 74,325 square feet in the first half of ‘08.


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