房地产 -西棕榈滩办公室数据 - 2025年第四季度 West Palm Beach Office Figures - Q4 2025

CBRE

FIGURES|WESTPALMBEACHOFFICE|Q42025

HealthyTenantDemandandStrong

ConstructionPipelineforFutureGrowth

101,000

SFQuarterlyNetAbsorption

1,011,700

SFConstruction

15.7%

TotalVacancyRate

Note:Arrowsindicatechangefrompreviousyear.

OVERVIEW

-Strongpositiveabsorptionof101,700squarefeet–theonlySouthFloridaofficemarkettoclosepositive.

-Overallrentgrowthwasslightlynegativeasadirectresultofthecontinuedflighttoquality;themostexpensivesubmarketscontinuetoseepremiumspaceavailabilitydecline.

-AletttobrokegroundinBocaRaton(111,900squarefeet)thisquarter.ItisthefirstgroundbreakinginBocaRatonsince2200Butts(32Ksquarefeet)wasdeliveredin2011andthefirstprojectover100KsquarefeetsinceLynnFinancialin2009.

ThePalmBeachOfficemarketrecordedpositiveabsorptioninQ42025,totaling101,000squarefeet,an

indicationofhealthytenantdemandinPalmBeachCounty.NorthCountypropertiesledthewaywith68,500squarefeetofpositiveabsorptionthisquarterand110,200squarefeetin2025.SouthCountyalsosawpositiveabsorption,thoughonasmallerscale,with32,600squarefeetabsorbedinQ4and30,100squarefeettotalin2025.

DirectvacancyforClassAintheCBDstandsat10.9%thisquarterand9.2%fortheTrophyset.Thisisslightlyelevatedbecauseof300Banyanwhichstillhasconsiderablespacelistedonthemarket.Whenthatbuildingisremoved,directvacancyfortheClassACBDfallsto9.1%andfortheTrophyset6.2%..Thisvalidatesa

significantscarcityofhigh-endspaceintheCBDevenwithnearly700Ksquarefeetofspacethathasbeendeliveredsince2020.ThisissimilarinDelraywhichiscurrentlylistingdirectvacancyof15.4%butitfallsto10.5%whenSundyVillagewhichislargelypre-leasedisremoved.

$35.85

NNN/LeaseRate

800,000

600,000

400,000

200,000

0

(200,000)

(400,000)

(600,000)

FIGURE1:HistoricalAbsorption,DeliveriesandVacancy

202020212022202320242025NetAbsorption(sq.ft.)Deliveries(sq.ft.)TotalVacancyRate(%)

Source:CBRE.com

18.0%

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

1CBRERESEARCH©2026CBRE,INC.

FIGURES|WESTPALMBEACH|Q42025

2CBRERESEARCH©2026CBRE,INC.

DEMAND

ThedemandtrendsforofficespaceinPalmBeachCountyreflectaflighttoquality.InWestPalmCBDalone,ClassApropertiesrecorded242,400squarefeetofpositive

absorptionin2025.ThiscanbeheavilyattributedtotheoccupancyoftenantsatOneFlagler;mostoftheseleasesweresignedbetween2021-2024.WhileOneFlaglerdid

closetheyearwiththestrongestbuildinglevelabsorptiontherewasdiversityafterthatacrossthecounty.Onlytwoofthetop10buildingsforpositiveabsorptionwereintheCBDthisyear.Sevenbuildingsinthetop10forpositiveabsorptionwereinthe

combinedBocaRatonsubmarkets,andoneinDelray.

SUBLEASE

SubleaseavailabilityinPalmBeachCountystandsat2.4%inQ42025,totaling533,000squarefeetonthemarket.Thismarksasignificantdecreaseof38.2%fromthepeakinQ12024when862,400squarefeetavailablewereavailableforsublease.SouthCounty,hasseenthemostnotableimprovement.Currently,SouthCountyaccountsfor339,700squarefeet,or63.7%ofthecounty’ssubleasespace.Thisisdownfrom650,500squarefeet,whenSouthCountyrepresented75.4%ofthetotalshareinQ12024.NorthCounty,whichwasnotasimpactedbysubleasingduringCovid,hasseenamoremodestdecline.Subleaseavailabilitytherehasdecreasedby70basispointsfromitsQ22024peakof

2.7%to2.0%today.

PRICING

Averageaskingrentsarecurrently$35.85persquarefoot,reflectinga32.7%increaseoverthepastfiveyears.Rentgrowthatacountylevelhasdeclinedslightlyyear-over-year;falling$0.88persquarefoot.However,atasubmarketlevelallsubmarketsexceptforthetwomostexpensive,WestPalmBeachCBDandPalmBeach,haveseenannualincreases.Further,thedeclineinthesetwosubmarketsisduetolessspaceinthemostexpensivebuildingsonthemarketratherthananyonereducingrents.

Investment

Aletto,anew111,900squarefootdevelopmentbrokegroundinEastBocainQ4.

ConstructionmomentumisexpectedtocontinuewithadditionaldevelopmentsinWestPalmCBDexpectedtobreakgroundin2026.TechgiantServiceNowrecentlyleased211,800squarefeetSFat10CityPlace,anewRelatedprojectwithgroundwork

underwaythatisexpectedtoofficiallybreakgroundshortly.

Investmentvolumealsopickedupin2025.NotabletransactionsthisyearincludeOneClearlakewhichsoldfor$55.3millionand205Daturawhichsoldfor$45.7million.

FIGURE2:StatisticalSnapshot

Submarket

Total

Inventory

(SqFt)

Direct

Vacancy

(%)

Total

Vacancy

(%)

Q42025Net

Absorption

(SqFt)

YTDNet

Absorption

(SqFt)

Under

Construction

(SqFt)

AvgAsking

LeaseRate

($/NNN)

DelrayBeach/

BoyntonBeach

730,100

15.4%

19.8%

(2,300)

36,600

50,000

$

37.20

EastBoca

2,613,000

14.4%

14.9%

5,800

(18,400)

111,900

$

34.31

NorthBoca

5,704,500

20.9%

23.0%

9,500

2,300

-

$

30.36

WestBoca

3,315,700

11.7%

13.9%

19,500

9,600

-

$

40.12

SouthCountyTotal

12,363,400

16.7%

186%

32,600

30,100

161,900

$

33.10

Jupiter

539,900

4.0%

4.0%

(1,600)

(5,600)

-

$

22.71

PalmBeach

969,600

3.2%

3.7%

(4,200)

(3,300)

-

$

84.21

PalmBeachGardens

2,200,300

4.6%

5.9%

(14,800)

(36,400)

-

$

39.51

SuburbanWest

PalmBeach

2,337,000

19.4%

21.6%

(41,200)

(106,500)

-

$

24.94

WestPalmBeachCBD

3,788,900

11.2%

12.8%

130,300

262,000

849,700

$

60.68

NorthCountyTotal

9,835,600

10.5%

120%

68,500

110,200

849,700

$

42.32

Total

22,199,000

14.0%

15.7%

101,000

140,300

1,011,700

$

35.85

FIGURE3:ClassAWestPalmBeachCBDStatisticalSnapshot

Submarket

Total

Inventory

(SqFt)

Direct

Vacancy

(%)

Total

Vacancy

(%)

Q42025Net

Absorption

(SqFt)

YTDNet

Absorption

(SqFt)

Under

Construction

(SqFt)

AvgAsking

LeaseRate

($/NNN)

Trophy*

1,934,300

9.2%

11.4%

131,600

229,100

849,700

$

97.72

ClassA

1,306,700

15.2%

17.0%

(6,500)

13,300

-

$

69,82

Total

2,681,500

109%

125%

125,100

242.400

849,700

$

72.47

Note:Allspacesat360RosemaryhavebeenmarkedasfullyoccupiedasofQ42022.OneFlaglermarkedasfullyoccupiedbypre-leasedtenantsinQ42025.

FIGURES|WESTPALMBEACH|Q42025

3CBRERESEARCH©2026CBRE,INC.

FIGURE4:ClassA

SubmarketTotal

Inventory

(Sq.Ft.)

Direct

Vacancy

(%)

Total

Vacancy

(%)

Q42025

Net

Absorption

(Sq.Ft.)

YTDNet

Absorption

(Sq.Ft.)

Under

Construction

(Sq.Ft.)

Avg.

Asking

Lease

Rate

($/NNN)

DelrayBeach/

BoyntonBeach

194,4005.1%5.1%-54,10050,000$60.00

EastBoca1,833,80016.8%17.4%(10,500)(1,300)111,900$37.28

NorthBoca3,152,10025.6%26.5%(14,600)29,000-$30.84

WestBoca2,210,30013.8%16.8%2,30017,800-$44.47

SouthCounty

Total

7,390,70019.3%208%(22,800)99,700161,900$35.34

Jupiter149,9000.0%0.0%-3,000--

PalmBeach169,7004.1%4.1%(1,700)(1,700)-$90.00

PalmBeach

Gardens

1,494,0004.9%6.5%(14,800)(23,000)-$41.65

Suburban

WestPalmBeach

345,40011.6%15.2%70014,300-$25.73

WestBlBeach2,681,50010.9%12.5%125,100242.400849,700$72.47

NorthCounty

Total

4,840,6008.5%10.1%109,300235,100849,700$60.07

Total12,231,30015.0%16.6%86,500334,7001,011,700$40.80

FIGURE5:ClassB

SubmarketTotal

Inventory

(Sq.Ft.)

Direct

Vacancy

(%)

Total

Vacancy

(%)

Q42025

Net

Absorption

(Sq.Ft.)

YTDNet

Absorption

(Sq.Ft.)

Under

Construction

(SqFt.)

Avg.

Asking

Lease

Rate

($/NNN)

DelrayBeach/

BoyntonBeach

535,70019.2%25.1%(2,300)(17,400)-$35..53

EastBoca779,3008.9%8.9%16,300(17,100)-$24.32

NorthBoca2,552,30015.1%18.6%24,100(26,700)-$29.79

WestBoca1,105,4007.5%7.9%17,200(8,300)-$31.31

SouthCounty

Total

4,972,70012.9%15.4%55,300(69,600)$29.79

Jupiter390,0005.6%5.6%(1,600)(8,600)-$22.71

PalmBeach799,9003.1%3.7%(2,500)(1,600)-$76.90

PalmBeach

Gardens

706,3004.2%4.5%-(13,400)-$29.75

Suburban

WestPalmBeach

1,991,60020.8%22.7%(41,900)(120,800)-$24.86

WestPalmBeach

CBD

1,107,30012.0%13.6%5,20019,600-$42.66

NorthCounty

Total

4,995,100125%13.7%(40,800)(124,800)$30..64

Total9,967,80012.7%14.6%14,500(194,400)$30.12

FIGURES|WESTPALMBEACH|Q42025

MarketAreaOverview

ECONOMICOUTLOOK

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,

particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusiness

activity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsarehelpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.Consumerconfidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.Thismosaicofdata

suggeststhatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouchsofterthanin

2025.Akeycatalystisasofterlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofterinflationandlong-termbond

yieldstrendingjustbelow4%byH22026.

Contact

SusanBands

ManagingDirector+19143345735

susan.bands@

MarcL.Miller

ResearchDirector/p>

ler1@

IlyssaEttelman

ResearchManager

+19543311797

Ilyssa.ettelman@

SurveyCriteria:IncludesallcompetitiveClassAandClassBofficebuildings30,000sq.ft.andgreaterinsizeinPalmBeachCounty.

BeginningQ12022,singletenantnon-owner-occupiedbuildingshavebeenaddedto