West Palm Beach Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $39.17 2022 Avg. Asking Rent
  • 0.62% Y-o-Y Avg. Asking Rent Change
  • 11.62% 2022 Office Vacancy Rate
  • $201.4M2022 Total Office Sales
  • $241.83Avg. Sale Price/SF

West Palm Beach office price per square foot in 2022 was $39.17 on average. This marked a +0.62% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 11.62% across all asset classes combined. The 17 transactions that closed here throughout 2022 amounted to a total sale volume of $201.4M. West Palm Beach office space commanded an average sale price per square foot of $241.83.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • West Palm Beach Class A & A+ Office Space$54.18
  • West Palm Beach Class B Office Space$32.50
  • West Palm Beach Class C Office Space$23.76
  • Florida Class A & A+ Office Space$35.94
  • Florida Class B Office Space$26.81
  • Florida Class C Office Space$19.09

West Palm Beach, FL Office Asking Rents by Class

Average office rent in West Palm Beach rested at $39.17 per square foot in 2022. 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 $54.18 per square foot. Across all submarkets, class B office space recorded an average asking rent of $32.50 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $23.76 per square foot, on average. Comparably, statewide Florida average office rents by class in 2022 were: $35.94 per square foot for class A office space; $26.81 per square foot for class B office space; $19.09 per square foot for class C office space.

2022 Office Vacancy Rates in West Palm Beach

Submarket Asking Rents Vacancy Rates
West Palm Beach - Central $63.87 6.66%
West Palm Beach - Central Business District $55.62 11.45%
Palm Beach Gardens $43.12 14.56%
Royal Palm Beach $34.09 11.77%
West Palm Beach - North Central $31.03 18.84%
West Palm Beach - South Central $30.06 13.90%
Palm Beach Lakes $27.13 19.23%
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 11.62% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in West Palm Beach was 6.66% in the West Palm Beach - Central submarket, while the highest office vacancy in the market was 19.23%, recorded in Palm Beach Lakes.

Office Spaces for Rent in Florida

West Palm Beach Office Sale Price per SF

  • $241.832022 Avg. Price per SF
  • -32.46%Y-o-Y Avg. PpSF Change
  • $201.4M2022 Office Sales Volume
  • 172022 Number of Transactions

West Palm Beach, FL Sale Price per SF Trend

  • West Palm Beach Avg. Sale Price per SF in 2022$241.83
  • Florida Avg. Sale Price per SF in 2022$234.16
West Palm Beach office space cost in 2022 marked a -32.46% change compared to the previous year. The sale price for office space in West Palm Beach averaged $241.83 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $234.16 per square foot.

2022 Office Sales Volume

  • West Palm Beach, FL Total Office Sales Volume in 2022 $201.4M
  • West Palm Beach, FL Total Number of Office Sales Closed in 2022 17
A total of 17 deals closed on the West Palm Beach office market in 2022, adding up to a yearly sales volume of $201.4M. Notably, the largest transaction on the market saw Clearlake Plaza change hands for $35,900,000 on 12/27/2022.

Largest West Palm Beach Office Sales in 2022

Property name Address Date Price
Clearlake Plaza 500 South Australian Avenue 12/27/2022 $35,900,000
EcoPlex at Centrepark West 1641 Worthington Road 4/7/2022 $32,500,000
Forum, The 1655 Palm Beach Lakes Blvd 2/2/2022 $29,250,000
Horizons Office Center 1401 Forum Way 2/4/2022 $13,025,000
2005 Vista Pkwy 2005 Vista Pkwy 8/17/2022 $10,430,000
Data provided by Commercial Edge

Coworking Spaces in Florida

2022 Office Construction in West Palm Beach, FL

  • West Palm Beach, FL Total SF under construction in 2023 278,707
Largest Office Properties Recently Completed in West Palm Beach
Office building Address SF Completed
The Shops at The Press 2751 South Dixie Highway, 33405 294,145 2023
Banyan & Olive 300 Banyan Boulevard, 33401 100,007 2023
Banyan & Olive 111 Olive- Celmatis & Olive, 33401 37,923 2022
EcoPlex® 1641 Worthington Road, 33409 100,525 2008
Emerald View at Vista Center 2054 Vista Pkwy, 33411 139,471 2007
307 Evernia Street 307 Evernia Street, 33401 19,688 2006
2047 Vista Pkwy 2047 Vista Pkwy, 33411 13,602 2006
1710 Old Okeechobee Road 1710 Old Okeechobee Road, 33409 20,000 2005
2005 Vista Pky 2005 Vista Pky, 33411 40,017 2004
JFK North Medical Arts 4631 North Congress Avenue, West Palm Beach, Florida, 33407 30,292 2003

Worth noting among recent office completions on the West Palm Beach market is The Shops at The Press, which is currently the largest new office development in the city, at 294,145 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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.