West Palm Beach industrial real estate market report
Q3 2024
West Palm Beach’s unemployment rate has seen a slight increase over the last year—up 30 basis points, reaching 3.8%. Nonfarm employment growth has remained positive with a 1.8% annual increase. The construction sector experienced a 7% increase in employment, while the trade, transportation, and utilities sector saw only a 0.9% rise and the manufacturing sector experienced a 0.5% increase in employment.
$15.81 psf
Average asking rate
Industrial asking rates are up 12% at $15.81 per square foot NNN year over year in West Palm Beach.
376k sf
Development activity
Development activity cooled down at the end of the third quarter with only 376,000 square feet under development.
301k sf
Net absoprtion
Net absorption remained positive again for the third quarter at just over 301,000 square feet.
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