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21Q3 Palm Beach County Office Market Report

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Recovery Continues as Net Absorption Reaches 10-Year High

The Palm Beach County office market has been recovering quarterly over the course of 2021 with consistently positive net absorption, declining vacancy rates, and growing asking rental rates. The third quarter followed those trends and net absorption reached a 10-year high, of positive 797,653 square feet, in the face of 350,000 square feet of new supply. Companies that closed deals throughout 2021 took occupancy and 300,000 square feet of the new supply was the heavily leased up Class A 360 Rosemary. In addition, leasing activity had its strongest quarter of the year in Q3 as companies witness the recovery taking form and are attracted to Palm Beach County’s economic incentives, population growth, and imminent return to the office.

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21Q3 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, 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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