The West Palm Beach office market continues robust rent growth in the Class A sector despite an upward trend in vacancy. Class A rental rates are up 7% since earlier this year and average $40.46/SF. Tenants can achieve a whopping 70% savings in the Class B sector where office rental rates average $23.85/SF.

New supply is coming in 2020 with the 372,000 SF Class A office project One West Palm under construction near CityPlace and the Brightline station.

On the capital markets front, the 85,668 SF Class A Courthouse Commons sold in 2018 for $22.75 million or $266/SF. New ownership group Granite Telecommunications plans to occupy 22,000 SF in the property.