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Office Insight

United States | Palm Beach, FL

Report | West Palm Beach Office Insight - Q1 2011

Summary

Growth within the education and health services, information and technology sectors dropped county unemployment 80 basis points to 11.1 percent in the first quarter.

Despite stagnant market conditions, occupancy continued to rise and a tremendous increase in tour activity was realized across the board.

Distressed assets continue to hamper the market as many owners are reluctant to sign leases that could hinder their ability to restructure financing. In contrast, the benefits of a new owner’s lower cost basis have surfaced as they strategically undercut the market and successfully fill vacancy. Aggressive landlord concessions and extensive capital improvements have proven effective in attracting users.

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