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Q4 2020 Palm Beach Office Market Report

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The Office Market in Palm Beach County Showed Resilience in 2020 With Promising Indicators for a Stable 2021

The Palm Beach County office market shows resilience in the face of a challenging year, although the true impact of the pandemic remains unclear. At the end of the fourth quarter of 2020, vacancy rates increased to 11.2 percent, a 100-basis point increase since Q4 2019. Palm Beach saw relatively fewer new office deliveries in 2020 compared to its southern neighbors (Broward County and Miami-Dade County) which allowed vacancy rates to increase only marginally as some tenants reduced their footprint. However, there is an optimistic outlook for 2021 as the migration of companies from the northeast high tax states hone in on South Florida, and in particular, West Palm Beach, to relocate or expand their operations. Furthermore, companies are beginning to phase in their return to work plans in light of the promising roll out of the COVID-19 vaccine.


Q4 2020 Palm Beach Office 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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