Typically, average asking rates lag changes in the economy by three to six months, the report states. And thus, recent positive economic indicators, increased leasing activity, positive absorption and dropping vacancy rates likely will mean higher asking rates to come, the report adds.

It also states that the Boca Raton submarket is in an ideal position for positive growth this year. It is expected to be one of the strongest and most sought-after submarkets due to decreasing vacancies, positive net absorption and no completions in the forecast. In addition, the West Palm Beach submarket is considered a top area for entrepreneurs, and entrepreneur-type businesses usually lead industry sectors in growth in an economic recovery. This could lead to West Palm Beach businesses seeking to expand, according to the report.

As for other submarkets, the report says rising vacancy rates in the North Palm Beach submarket may mean lower average asking rates, but this would be short term. Also, the Delray Beach submarket is well-positioned for growth as conditions are expected to quickly improve, it adds.