2023 Office Space Rent & Sales
- $43.22 2023 Avg. Asking Rent
- -1.79% Y-o-Y Avg. Asking Rent Change
- 16.70% 2023 Office Vacancy Rate
- $30.9M2023 Total Office Sales
- $254.91Avg. Sale Price/SF
Palm Beach Gardens office price per square foot in 2023 was $43.22 on average. This marked a -1.79% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.70% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $30.9M. Palm Beach Gardens office space commanded an average sale price per square foot of $254.91.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Palm Beach Gardens Class A & A+ Office Space$48.81
- Palm Beach Gardens Class B Office Space$37.22
- Florida Class A & A+ Office Space$36.87
- Florida Class B Office Space$27.52
- Florida Class C Office Space$32.32
Palm Beach Gardens, FL Office Asking Rents by Class
2023 Office Vacancy Rates in Palm Beach Gardens
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
North Palm Beach | $43.44 | 4.54% |
Palm Beach Gardens | $42.54 | 16.97% |
Palm Beach Gardens Office Sale Price per SF
- $254.912023 Avg. Price per SF
- -27.77%Y-o-Y Avg. PpSF Change
- $30.9M2023 Office Sales Volume
- 32023 Number of Transactions
Palm Beach Gardens, FL Sale Price per SF Trend
- Palm Beach Gardens Avg. Sale Price per SF in 2023$254.91
- Florida Avg. Sale Price per SF in 2023$213.92
2023 Office Sales Volume
- Palm Beach Gardens, FL Total Office Sales Volume in 2023 $30.9M
- Palm Beach Gardens, FL Total Number of Office Sales Closed in 2023 3
Coworking Spaces in Florida
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2023 Office Construction in Palm Beach Gardens, FL
- Palm Beach Gardens, FL Total SF completed in 2023 265,346
During 2023, 265,346 square feet of new office space were delivered across the market. At the close of 2023, the Palm Beach Gardens office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 265,346 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
DiVosta Towers - North Tower | 3835 PGA Blvd, 33410 | 111,971 | 2020 |
TBC Corporate Headquarters | 4260 Design Center Dr, 33410 | 61,000 | 2020 |
11400 North Jog Road | 11400 North Jog Road, 33418 | 44,000 | 2018 |
Gardens Pointe Professional Building | 3507 Kyoto Drive, 33410 | 34,867 | 2009 |
PGA Professional and Design Center | 3901 Design Center Dr, 33410 | 42,000 | 2005 |
4750 East Park Drive | 4750 East Park Drive, 33410 | 49,666 | 2003 |
4200 Wackenhut | 4200 Northcorp Pky, 33410 | 95,065 | 2000 |
Fairway Office Center- Phase 1 | 7121 Fairway Drive, 33418 | 87,115 | 2000 |
Corporate Center at the Gardens | 4400 Northcorp Pkwy, 33410 | 18,500 | 1999 |
400 Village Square Xing #100 | 400 Village Square Xing #100, 33410 | 6,872 | 1999 |
Worth noting among recent office completions on the Palm Beach Gardens market is DiVosta Towers - North Tower, which is currently the largest new office development in the city, at 111,971 square feet.
See reports for other markets
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Palm Beach Gardens 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.