The typical asking rate per listing is in the $30's per square foot per year. The Downtown West Palm Beach region is seeing a decline in rates. In the last 3 months, the median rate fell $7 per sqft per year. That's a 17% decrease in rent.
Compared to the rest of the West Palm Beach market, the Downtown West Palm Beach submarket has smaller rates, so you should have no trouble finding a great deal in this depreciated region.
In the last 90 days, 38 listings have come on the market, which means leases are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 103% of the office spaces in the Downtown West Palm Beach are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 1,600 sqft. Most buildings in this area are close to 5 stories. Most buildings in this region were built in 1956 and are Class A.
A large portion of this market is residential, but there's plenty of 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 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.