West Palm Beach Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $39.17 2024 Avg. Asking Rent
  • 13.03% 2024 Office Vacancy Rate
  • $52.3M2024 Total Office Sales
  • $320.20Avg. Sale Price/SF

West Palm Beach office price per square foot in 2024 was $39.17 on average. The local office market recorded an average vacancy rate of 13.03% across all asset classes combined. The 5 transactions that closed here throughout 2024 amounted to a total sale volume of $52.3M. West Palm Beach office space commanded an average sale price per square foot of $320.20.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • West Palm Beach Class A & A+ Office Space$48.19
  • West Palm Beach Class B Office Space$31.74
  • West Palm Beach Class C Office Space$42.93
  • Florida Class A & A+ Office Space$40.20
  • Florida Class B Office Space$27.71
  • Florida Class C Office Space$22.62

West Palm Beach, FL Office Asking Rents by Class

Average office rent in West Palm Beach rested at $39.17 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in West Palm Beach averaged $48.19 per square foot. Across all submarkets, class B office space recorded an average asking rent of $31.74 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $42.93 per square foot, on average. Comparably, statewide Florida average office rents by class in 2024 were: $40.20 per square foot for class A office space; $27.71 per square foot for class B office space; $22.62 per square foot for class C office space.

2024 Office Vacancy Rates in West Palm Beach

Submarket Asking Rents Vacancy Rates
West Palm Beach - Central Business District $78.88 5.55%
Royal Palm Beach $39.31 10.87%
Palm Beach Gardens $39.26 17.13%
West Palm Beach - Central $39.07 9.56%
West Palm Beach - South Central $37.26 17.67%
Palm Beach Lakes $31.75 24.45%
West Palm Beach - North Central $25.65 17.53%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the West Palm Beach market was 13.03% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in West Palm Beach was 5.55% in the West Palm Beach - Central Business District submarket, while the highest office vacancy in the market was 24.45%, recorded in Palm Beach Lakes.

Office Spaces for Rent in Florida

West Palm Beach Office Sale Price per SF

  • $320.202024 Avg. Price per SF
  • 15.11%Y-o-Y Avg. PpSF Change
  • $52.3M2024 Office Sales Volume
  • 52024 Number of Transactions

West Palm Beach, FL Sale Price per SF Trend

  • West Palm Beach Avg. Sale Price per SF in 2024$320.20
  • Florida Avg. Sale Price per SF in 2024$221.95
West Palm Beach office space cost in 2024 marked a +15.11% change compared to the previous year. The sale price for office space in West Palm Beach averaged $320.20 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $221.95 per square foot.

2024 Office Sales Volume

  • West Palm Beach, FL Total Office Sales Volume in 2024 $52.3M
  • West Palm Beach, FL Total Number of Office Sales Closed in 2024 5
A total of 5 deals closed on the West Palm Beach office market in 2024, adding up to a yearly sales volume of $52.3M. Notably, the largest transaction on the market saw Atrium Building, The change hands for $33,000,000 on 1/31/2024.
Data provided by Commercial Edge

Coworking Spaces in Florida

2024 Office Construction in West Palm Beach, FL

  • West Palm Beach, FL Total SF completed in 2024 289,120
  • West Palm Beach, FL Total SF under construction in 2025 324,167

During 2024, 289,120 square feet of new office space were delivered across the market. At the close of 2024, the West Palm Beach office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 289,120 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 324,167 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in West Palm Beach
Office building Address SF Completed
Banyan & Olive 300 Banyan Boulevard, 33401 100,007 2024
The Shops at The Press 2751 South Dixie Highway, 33405 294,145 2023
302 Datura Street 302 Datura Street, 33401 42,073 2019
EcoPlex® 1641 Worthington Road, 33409 100,525 2008
Suite 111 at Two City Plaza: Retail/Office Live/Work Condo for Lease 701 S Olive Ave, 33401 1,766 2008
Courthouse Commons 444 West Railroad Avenue, 33401 93,000 2007
4050 Westgate Avenue Ste 104 4050 Westgate Avenue, 33409 30,000 2007
4050 Westgate Ave 4050 Westgate Ave, 33409 3,499 2007
The Space Connect 311 Golf Rd, 33407 5,000 2006
1710 Old Okeechobee Road 1710 Old Okeechobee Road, 33409 20,000 2005

Worth noting among recent office completions on the West Palm Beach market is Banyan & Olive, which is currently the largest new office development in the city, at 100,007 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all West Palm Beach commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.