PALM BEACH—Why is now the time to invest and develop office product in downtown West Palm Beach? That's the question we asked Brad Capas, founder of CapasGroup Realty Advisors.
“The performance and fundamentals of the Downtown West Palm Beach office market are compelling,” Capas tells GlobeSt.com. “For instance, the three true class A buildings in Downtown West Palm Beach are now 95% occupied so new tenants seeking large blocks of class A space are being turned away.”
From Capas' perspective, if a new office building came to market there exists “sufficient demand” to secure at least one or two new market entrants with sizable office space requirements. What's more, he says, tenants relocating locally from other, older class A and B buildings would drive additional pre-leasing activity.
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