On average, listings lease in the $20's per square foot per year. The Downtown West Palm Beach submarket is experiencing a decline 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 region has more expensive rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 32 listings have been made available, which means spaces might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,150 sqft. Most properties in this area are close to 8 stories. Most buildings in this market 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 region. Commute by bike is the most popular way to get to work amongst Downtown West Palm Beach residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.