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Q2 2020 Palm Beach Office Market Report

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Fundamentals in Palm Beach County Are Yet to Feel the Impact of COVID-19 on the Office Market

Palm Beach County is yet to feel the real impact of COVID-19 on the office market. Lease transactions that were in the works continued to close meaning net absorption recorded a positive 54,250 square feet and vacancy rates remained relatively unchanged with a small increase of 30 basis-points to 13.1 percent. Several large renewals also went through, particularly in the Boca Raton North and Delray Beach submarkets where Conduent Patient Access Solutions, Reliable Solutions and Accountable Healthcare Staffing renewed their leases. Meanwhile, International Materials Inc. (20,052 square feet) Newell Brands (10,240 square feet) and QXC Communications Inc (6,447 square feet) all signed new leases in Delray Beach and Boca Raton East. That said, there is some hesitancy from prospective tenants that have decided to hold on any plans to expand or commit to new leases. The impacts of these changes will likely be felt in the quarters to come, as the second quarter still reflected deals in the works from the first quarter. Looking ahead, landlords are considering increasing concessions for new tenants, however rental rates so far, have remained stable.

2Q2020PBCOffice

Q2 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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