West Palm Beach Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $36.56 2023 Avg. Asking Rent
  • 10.84% 2023 Office Vacancy Rate
  • $59.5M2023 Total Office Sales
  • $278.18Avg. Sale Price/SF

West Palm Beach office price per square foot in 2023 was $36.56 on average. The local office market recorded an average vacancy rate of 10.84% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $59.5M. West Palm Beach office space commanded an average sale price per square foot of $278.18.

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

  • West Palm Beach Class A & A+ Office Space$43.46
  • West Palm Beach Class B Office Space$34.47
  • West Palm Beach Class C Office Space$24.40
  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

West Palm Beach, FL Office Asking Rents by Class

Average office rent in West Palm Beach rested at $36.56 per square foot in 2023. 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 $43.46 per square foot. Across all submarkets, class B office space recorded an average asking rent of $34.47 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $24.40 per square foot, on average. Comparably, statewide Florida average office rents by class in 2023 were: $36.87 per square foot for class A office space; $27.52 per square foot for class B office space; $32.32 per square foot for class C office space.

2023 Office Vacancy Rates in West Palm Beach

Submarket Asking Rents Vacancy Rates
West Palm Beach - Central Business District $59.19 11.82%
West Palm Beach - Central $52.08 7.58%
Palm Beach Gardens $42.54 16.97%
Royal Palm Beach $33.91 9.34%
West Palm Beach - North Central $31.27 6.70%
West Palm Beach - South Central $30.00 14.34%
Palm Beach Lakes $27.11 14.47%
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 10.84% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in West Palm Beach was 6.70% in the West Palm Beach - North Central submarket, while the highest office vacancy in the market was 16.97%, recorded in Palm Beach Gardens.

Office Spaces for Rent in Florida

West Palm Beach Office Sale Price per SF

  • $278.182023 Avg. Price per SF
  • 18.66%Y-o-Y Avg. PpSF Change
  • $59.5M2023 Office Sales Volume
  • 42023 Number of Transactions

West Palm Beach, FL Sale Price per SF Trend

  • West Palm Beach Avg. Sale Price per SF in 2023$278.18
  • Florida Avg. Sale Price per SF in 2023$213.92
West Palm Beach office space cost in 2023 marked a +18.66% change compared to the previous year. The sale price for office space in West Palm Beach averaged $278.18 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

  • West Palm Beach, FL Total Office Sales Volume in 2023 $59.5M
  • West Palm Beach, FL Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the West Palm Beach office market in 2023, adding up to a yearly sales volume of $59.5M. Notably, the largest transaction on the market saw Athena Vista change hands for $30,250,000 on 2/10/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in West Palm Beach, FL

  • West Palm Beach, FL Total SF under construction in 2024 616,227
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
Banyan & Olive 111 Olive- Celmatis & Olive, 33401 37,923 2022
302 Datura Street 302 Datura Street, 33401 42,073 2019
CityPlace Tower 525 Okeechobee Blvd, 33401 297,652 2008
EcoPlex® 1641 Worthington Road, 33409 100,525 2008
Two City Plaza: Retail/Office Live/Work Suite 701 S Olive Ave, 33401 2,363 2008
Emerald View at Vista Center 2054 Vista Pkwy, 33411 139,471 2007
Courthouse Commons 444 West Railroad Avenue, 33401 93,000 2007
4050 Westgate Avenue Ste 104 4050 Westgate Avenue, 33409 30,000 2007

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 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 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.