Palm Beach Gardens Office Rent Price & Sales Report

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.

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

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • 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%
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 Palm Beach Gardens market was 16.70% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Palm Beach Gardens was 4.54% in the North Palm Beach submarket, while the highest office vacancy in the market was 16.97%, recorded in Palm Beach Gardens.

Office Spaces for Rent in Florida

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
Palm Beach Gardens office space cost in 2023 marked a -27.77% change compared to the previous year. The sale price for office space in Palm Beach Gardens averaged $254.91 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $213.92 per square foot.

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
A total of 3 deals closed on the Palm Beach Gardens office market in 2023, adding up to a yearly sales volume of $30.9M. Notably, the largest transaction on the market saw Palm Beach Gardens Office Park change hands for $14,000,000 on 4/19/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

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.

Largest Office Properties Recently Completed in Palm Beach Gardens
Office building Address SF Completed
DiVosta Towers - North Tower 3835 PGA Blvd, 33410 111,971 2020
DiVosta Towers 3835 PGA Blvd, 33410 108,790 2020
DiVosta Towers 3825 PGA Blvd, 33410 111,972 2019
11400 North Jog Road 11400 North Jog Road, 33418 44,000 2018
PGA Professional Building 4290 Professional Center Drive, 33410 30,681 2007
11390 N Jog Rd 11390 N Jog Rd, 33418 6,325 2006
Woodbine Commons 7721 North Military Trail, 33418 12,505 2004
4750 East Park Drive 4750 East Park Drive, 33410 49,666 2003
Ricci - Leopold 2925 PGA Blvd, 33410 24,753 2003
Fairway Office Center- Phase 1 7121 Fairway Drive, 33418 87,115 2000

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.

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 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.