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Q4 2019 Palm Beach Industrial Market Report

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New Construction is Concentrated in Northern Palm Beach County While Existing Industrial Supply Throughout the County Holds Steady

Palm Beach County ended the year with the highest quarterly industrial rent of 2019 at $8.76 per square foot. The slight increase in rents (1.2 percent) and small decrease in vacancy rates (10-basis points) quarter-over-quarter are indicative of a stable market. The largest lease of the quarter was a renewal for 32,056 square feet in Palm Springs, followed by an 18,433 square foot Amazon lease in the Palm Beach Airport submarket. Amazon leased space in an industrial park, Turnpike Crossing, where they already occupy an entire building, focusing on last-mile delivery. Amazon leased the 18,433 square feet in Turnpike Crossing Building 5, where another 18,297 square feet of space was leased to SIW Solutions, who also already has a 161,000 square foot lease signed for another building still under construction in the park. With these deals, the entire park is now fully pre-leased.


PBCInd4Q2019

Q4 2019 Palm Beach Industrial Market Report

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Verity Mosquera

Research and Consulting Manager

Fort Lauderdale

As Research and Consulting Manager in the South Florida market, I apply my experience in analytics, leadership and international business to monitor the global economy and make projections that help guide our brokers and clients in strategic decision making. My expertise in both leasing and investment sales ranges across multiple asset types including retail, industrial, office and multifamily.  

Prior to joining Colliers, I worked for The Washington Economics Group, Inc., where I led a team of eight economists as Manager of Client Services to prepare detailed economic impact analyses of a number of high-profile transportation and real estate projects in South Florida, including SkyRise Miami and All Aboard Florida. Other notable South Florida clients that I have worked with include Tate Capital, Odebrecht, Miami-Dade Expressway Authority and the International Speedway Corporation. Prior to moving to the United States in 2011, I graduated from law school and was a data analyst for Equity Insurance in Brentwood, UK.

I am active in the commercial real estate community through multiple organizations and committed to strengthening the participation of young leaders in the real estate sector through my current role as Co-Chair of the Urban Land Institute’s Young Leadership Group.

I also have a strong passion for teaching and mentoring students to help prepare them for careers in commercial real estate. I served as an adjunct professor for Miami Dade College School of Business teaching Principles of Management to undergraduate students pursuing their Bachelor’s degree in Business Administration and have recently served as a guest lecturer at Florida International University’s Tibor and Hollo School of Real Estate teaching market research skills to graduate students in the Masters in Science in International Real Estate (MSIRE) program. 

While earning my MBA at St. Thomas University, I served as president of Future Business Leaders of America - Phi Beta Lambda and spoke numerously on business and women career issues. St. Thomas University awarded me with the Outstanding Graduate Award and the Women in Leadership Award in recognition of these efforts.

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