On average, listings lease in the $20's per square foot per year. The Downtown West Palm Beach region is seeing a decrease in rates. In the last 3 months, the median rate decreased $2 per sqft per year. That's a 7% decline in rent.
Compared to the rest of the West Palm Beach market, the Downtown West Palm Beach submarket has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 35 listings have been listed, which means office spaces are probably going fast. You'll want to be prepared to make an offer immediately. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,910 sqft. Most buildings in this market are approximately 8 floors. Most buildings in this region were built in 1982 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Utilities is the dominant industry in this area. Commute by bike is the most popular way to get to work amongst Downtown West Palm Beach occupants. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.