The city has been flooded with large amounts of direct and sublease availabilities, the report states. The vacancies include the former Sensormatic Building, which has 150,000 sf of available office space; the Broken Sound Plaza I, which was occupied by Adir and has almost 75,000 sf of vacant space; and The North 40 Building, which was occupied by Cingular Wireless, which has more than 70,000 sf available.
However, the city's overall vacancy rate only increased 0.5% to 16.5% as of the end of 2002, showing that Boca Raton is still the county's corporate center, the report states.
In addition, C&W found that Palm Beach County's office sales remained fairly flat in the fourth quarter and all of 2002. New construction also was also minimal.
Overall, the county's vacancy rate dropped slightly from 17.4% to 17% in 2002, while the class A vacancy rate rose from 18.4% to 19.1%. The class A weighted average asking rate decreased 61 cents per sf to $26.78 per sf from the first quarter to the end of 2002.
Also, total net absorption for 2002 was just below a year earlier and was positive at 73,139 sf. The 2 million sf in 2002 leasing activity remained unchanged from 2001.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
