A scarcity of trophy office space ignites a surge in asking rates in West Palm Beach
![graph of total available square feet for trophy office buildings in West Palm Beach from 2019 to 2023 with average trophy asking rent per square foot](/documents/35486/96633304/West+Palm+Beach+6.2.23_RF.png/af7bd164-f63c-ebae-56be-d75d1ce56330?t=1685999694144)
- Since the start of the pandemic, West Palm Beach has witnessed a substantial decline in trophy office availability, which has further fueled a continued rise in asking rates by an impressive $39 per square foot (psf).
- The office outlook indicates limited availability of trophy inventory, with 604,320 square feet under construction and only 41% of it remaining available.
- Consequently, with occupier demand gravitating toward premier buildings, rental rates are anticipated to maintain their all-time highs for the foreseeable future.
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US-FL-WPB West Palm Beach