Healthy Market Conditions Spur Demand
In the third quarter 2022, the Palm Beach County industrial market trended positive on all key indicators, based on heavy ongoing consumer demand. The vacancy rate dropped to 3.4 percent, a 30-basis point decrease year-over-year, despite the delivery of 561,000 square feet of new construction in 2022 year-to-date. Similarly, absorption reached 290,000 square feet in the third quarter, and totaled 444,000 square feet year-to-date. As population growth continues to spread north in Palm Beach County and unemployment remains low, the industrial market is expected to remain steady throughout the remainder of 2022.