At 2.2%, the Delray Beach area has the lowest vacancy. But that submarket only has 2.79 million sf inventory with a $12 per sf rent for manufacturing; $6.58 per sf for warehouse/distribution; and $6.75 per sf for office/showroom.
In contrast, Boyton Beach has a 20% vacancy rate and a $6.75 per sf rent for manufacturing; and $6.41 per sf for warehouse/distribution.
West Palm Beach's 14 million sf is the largest amount of space in the county and manages a low 4.7% vacancy at $5.94 per sf for manufacturing; $6.53 for warehouse/distribution; and $9.85 for office/showroom.
"It's a very tight market, especially in West Palm Beach, and the inventory is drying up because nobody is building anything," Chris Metzger, senior director of industrial brokerage at Cushman & Wakefield, tells GlobeSt.com. "There's a tremendous demand, though, for purchases of 30,000 sf and under."
In the last two quarters, there have only been 14 leases above 10,000 sf, while during 2001's first two quarters, it was nearly double that figure.
Boca Raton has above average 10.1% vacancy with $9 per sf for manufacturing and $6.54 per sf for warehouse/distribution. There are no industrial sites completed or under construction.
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