Tenants want more quality office-space options in Palm Beach County, leading to a decrease of leasing activity in the area.
According to the Palm Beach Office Q4 2022 report by Cushman & Wakefield, released in January, leasing activity decreased in Palm Beach County by 16.7% in 2022 due to a lack of available quality office space, not demand. In West Palm Beach the transaction activity in the central business district fell 27.1% However, overall absorption for the total market stayed positive with nearly 460,000 square feet of net occupancy gains in 2022. More than 70% of the absorption in the fourth quarter was in the central business district.
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