West Palm Beach industrial real estate market report
Q1 2024
West Palm Beach’s unemployment rate has experienced a slight uptick, increasing 70 basis points year-over-year, reaching 3.3%. In the first quarter, there was a 1.3% increase in total non-farm employment, with 1.4% growth in the trade, transportation and utilities sector, as well as a 2.8% rise in manufacturing occupations year-over-year.
3.9 mos.
Months on market
The average months on market for industrial space to lease in West Palm Beach is 3.9 months.
59%
Average starting rents
Average starting rents in West Palm Beach have increased an impressive 59% over a three-year span.
+114k sf
Net absoprtion
West Palm Beach’s industrial market witnessed 114,177 square feet of positive net absorption during the first quarter.
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