Palm Beach Office Market Heats Up

From The Real Deal: Read More Here

By Dan Weil

 

The office real estate market continues to heat up in Palm Beach County amid buoyant fundamentals, experts say. “It’s definitely strong,” said Bill Reichel, president of Reichel Realty & Investments, a commercial real estate services firm in Palm Beach Gardens. “It’s a matter of supply-demand and the strong economy. It’s pretty simple,” he told The Real Deal. The strong economy is lifting demand, and no new Class A product has been built in the central and northern parts of the county since West Palm Beach’s CityPlace Tower opened in 2008. “Everything is getting filled up,” Reichel said. The direct vacancy rate for Class A buildings in Palm Beach County stood at 14.5 percent in the third quarter, according to preliminary data from CBRE, down from 16.2 percent in the second quarter. Class A triple-net rent rose to $23.21 per square foot from $22.66 during that time. “Businesses are doing well here, whether it’s law firms, financial services, etc.,” Anthony Librizzi, a vice president at CBRE in Boca Raton, told TRD. “They’re growing, and they need more office space.” –

See more at: http://therealdeal.com/miami/blog/2015/10/06/positive-fundamentals-boost-office-market-in-palm-beach-county/#sthastudor-pb-officeh.YUSEQnex.dpuf