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Palm Beach Industrial Market Sees Strong Leasing, Sales in Q1

MIAMI-Total industrial leasing activity was 451,000 sf, and sales activity increased to 577,000 sf from 225,000 sf at the end of last year. The overall vacancy rate increased from 6.3% to 7.1% from fourth quarter 2002 to the first quarter, however.

By Melissa Bogdany | Updated on May 01, 2003

MIAMI-The Palm Beach County industrial market experienced strong leasing and sales activity in the first quarter, according to Cushman & Wakefield’s just-released industrial overview for the county for that period. The market showed “signs of resilience,” the report states.

Total industrial leasing activity there for the quarter was 451,000 sf, and sales activity totaled 577,000 sf. GE Medical Systems’ 188,000-sf sale/leaseback in Jupiter helped the leasing activity.

Deals that contributed to the hike in first-quarter sales from 225,000 sf at the end of last year included the sale of the above-mentioned GE/Marquette building to One Liberty Properties Inc., as well as the sale of the 161,000-sf Phillips Components building to Windsor Gardens Joint Venture. These two buildings were sold for $15.75 million and $7.1 million, respectively.

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