Search
 

Q4 Big for Palm Beach Office Sales

PALM BEACH COUNTY, FL-Nearly 81% of last year's office sales in the county occurred in that quarter, says a Cushman & Wakefield fourth-quarter office report. The year ended with almost 30 building acquisitions overall.

By Melissa Bogdany | Updated on February 03, 2004

PALM BEACH COUNTY, FL-Almost 1.7 million sf of office space traded hands in the fourth quarter in Palm Beach County, resulting in a near-record level of office sales, according to a recent report by Cushman & Wakefield. This is a significant portion of the more than 2.1 million sf that was sold in all of 2003, the fourth-quarter Palm Beach County office overview states. Overall, almost 30 office building acquisitions occurred in Palm Beach County last year. Of the county’s 2003 office sales, 40% took place in the West Palm Beach central business district. Sales in the county have not surpassed two million sf in more than four years; 2.3 million sf was sold in 1999.

“These sales figures are a strong indication that the Palm Beach County office market is experiencing renewed investor interest and is beginning to stabilize in what was previously a fluctuating economy in 2002 and early 2003,” the report states. Class A building investment is expected to continue in the CBD and other submarkets this year.

Also, says the report, the Boca Raton submarket, the county’s dominant corporate sector, is starting to recover. The submarket’s fourth-quarter statistics show almost 50,000 sf of positive direct net absorption, compared with negative 35,421 sf in the previous fourth quarter. The improvement was affected greatly by activity in class A office buildings along the Federal Highway corridor, including the 595 Financial Center and the Renaissance Centre, both of which were successful at pre-leasing and delivered about 70% occupied.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.