West Palm Beach: Commercial Real Estate Heating Up...
What a year it’s been… so far. After working our tails off, my family and I are long overdue for a vacation.
The family and I are really dedicated to what we do… even in school. Education is of great importance to me. But we also need a break. No one became successful working 24 hours a day their entire lives.
Of course, we’re still deciding between a luxury train ride, a few days in Banff, the beach, a resort, or a cruise… (At this point why not all of them?)
But at some point, though, we may have to visit South Florida, too.
The beaches, the sun, the fun, the relaxation… and the real estate opportunities are ripe for the taking. And I really want to be a part of it.
As I mentioned in September 2014, South Florida rents are some of the highest in the nation, according to a report from apartment market research firm, Axiometrics, as reported by the South Florida Business Journal.
Every one from retiring baby boomers, college students and families are forcing rental occupancies to “well beyond those in powerhouse markets like San Francisco, Manhattan and Chicago,” reported the Herald Tribune at the time.
Now, according to the latest report from The Real Deal, South Real Estate News, “The West Palm Beach commercial real estate market is heating up in a major fashion.”
Over the last few years, there’s been significant demand from institutional investors. Coupled with limited supply, and prices are likely to move higher. In fact, the Corneau office building just sold for $12 million – double the previous high price.
“When it comes to Class A office space, West Palm saw a whopping 43 percent increase in asking rents during the three to six months ended March 31 — to $30 a square foot from $21 per square foot, according to CBRE,” as reported by The Real Deal.
“In some cases, rent approached $38 per square foot. And increases have continued apace since then, real estate pros report. Palm Beach County is benefiting from an influx of companies and individuals that is boosting economic growth, they say.”