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Palm Beach County Industrial Market Improving

PALM BEACH COUNTY, FL-Challenges remain ahead, however, for the market, as it reported overall absorption of negative 458,053 sf year to date and an increase in the overall vacancy rate from 7.1% at the end of second quarter 2002 to 7.8% a year later.

By Melissa Bogdany | Updated on July 25, 2003

PALM BEACH COUNTY, FL-The local industrial market showed some significant signs of improvement in the second quarter, according to an industrial overview for the market recently released by Cushman & Wakefield.

However, some submarkets seemed to be struggling in certain areas. Meanwhile, the county’s overall absorption was negative 458,053 sf year to date, the report states, and its overall vacancy rate increased from 7.1% at the end of the second quarter 2002 to 7.8% the same time this year.

While a similar report by Codina Realty Services Inc. ONCOR International shows year-to-date net absorption for the county at negative 220,204 sf, the report states that it will not likely improve this year. And while that report showed a slightly different figure for the overall vacancy rate at the end of the second quarter–5.6%–it also reported the figure was increasing, from 4.1% at year end 2002.

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