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21Q2 Palm Beach County Office Market Report

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Stabilizing Market Attracts Investors

The Palm Beach County office market has had a stable 2021 thus far with positive net absorption both quarters and vacancy rates down 50 basis-points quarter-over-quarter ending Q2 2021 at 11.4 percent. Additionally, rental rates ended Q2 2021 at $36.53 per square foot full service, an increase of 7.0 percent year-over-year. These stable fundamentals in the post-pandemic market present safe investments in some cases, specifically well-leased Class A buildings, and value-add opportunities in others, particularly Class B buildings that can be updated. Investors are positioned to increase rental rates in the long-term as improvements are made to value-add buildings and demand for Class A space increases due to mass corporate migrations.

2Q21PBCoffice

21Q2 Palm Beach County 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 International, 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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