2019-07-10_DTZ戴德梁行_Office_Q3_2018_Palm_Beach_County_2页_420kb
报告摘要
Palm Beach County Office Market Summary (Q3 2018)
Core Content Overview
This document provides a detailed analysis of the office market in Palm Beach County for the third quarter of 2018, including economic indicators, market trends, vacancy rates, leasing activity, rental rates, and key transactions. It also outlines the outlook for the market in the remainder of 2018 and into 2019.
Economic Indicators
- Palm Beach County Employment:
- Q3 2017: 691,000
- Q3 2018: 693,000
- 12-Month Forecast: Upward trend (▲)
- Palm Beach County Unemployment Rate:
- Q3 2017: 4.4%
- Q3 2018: 3.9%
- 12-Month Forecast: Downward trend (▼)
- U.S. Unemployment Rate:
- Q3 2017: 4.4%
- Q3 2018: 3.9%
- 12-Month Forecast: Downward trend (▼)
Key Economic Drivers:
- Sustained economic growth in the county.
- A 29.5% increase in wages over the past 15 years.
- Growth in new-to-market businesses.
- Strong performance in the Financial Activities sector, which added 2,300 jobs in wealth management and private banking.
- Leisure and Hospitality sector added 3,700 jobs since Q3 2017, a 4.4% gain.
Market Indicators (Overall, All Classes)
- Vacancy Rate:
- Q3 2017: 12.7%
- Q3 2018: 14.0%
- 12-Month Forecast: Downward trend (▼)
- YTD Net Absorption (sf):
- Q3 2017: 305,000
- Q3 2018: -72,000
- 12-Month Forecast: Upward trend (▲)
- Under Construction (sf):
- Q3 2017: 0
- Q3 2018: 333,000
- 12-Month Forecast: Upward trend (▲)
- Average Asking Rent (all classes):
- Q3 2017: $37.25
- Q3 2018: $34.53
- 12-Month Forecast: Stable (■)
Key Observations:
- Despite a slight increase in vacancy, the overall asking rent in the West Palm Beach CBD increased by 15.9% year-over-year to $48.11/sf.
- Strong demand from tenants seeking space below 6,000 sf contributed to 1.1 million sf of leasing activity year-to-date, a 28.9% increase from 2017.
- The Northwest Boca Raton submarket led in new leasing activity, with 305,272 sf in new leases.
- The North Palm Beach submarket led in year-to-date absorption, totaling 56,941 sf, a 10-year high.
Market Trends and Outlook
- Investment Sales:
- Exceeded 2.6 million sf year-to-date, a 6.5% increase from the previous year.
- Investors focused on stabilized suburban office assets in second-tier markets.
- New Construction:
- Two speculative office buildings were under construction in the Palm Beach Gardens submarket.
- Another speculative project and a build-to-suit were planned in Delray Beach.
- Outlook:
- A growing labor force and attractive corporate environment are expected to continue drawing new businesses.
- Rising rents may push tenants toward suburban submarkets, potentially leading to new construction in prime areas.
- Cushman & Wakefield anticipates improved market fundamentals for the rest of 2018 and into 2019.
Key Lease Transactions (Q3 2018)
| Property | SF | Tenant | Transaction Type | Submarket |
|---|---|---|---|---|
| 5050 Conference Way N | 54,000 | MobileHelp | New | Northwest Boca Raton |
| 1499 West Palmetto Park Road | 23,130 | Hair Club | New | Southwest Boca Raton |
| 5901 Broken Sound Parkway | 17,465 | Gift of Life Marrow Registry | New | Northwest Boca Raton |
Key Sales Transactions (Q3 2018)
| Property | SF | Seller/Buyer | Price / $PSF | Submarket |
|---|---|---|---|---|
| 2410 Metrocentre Boulevard E | 66,770 | Catalfumo Management/ICP Capital Partners | $22,300,000 / $334 | Suburban West Palm Beach |
| 220 Congress Park Drive | 54,805 | ICM – Realty Group Limited/TMT Properties | $11,400,000 / $208 | Delray Beach |
| 1750 Clint Moore Road | 50,000 | Melvin Stier/StateTrust Group | $13,000,000 / $260 | Northwest Boca Raton |
Submarket Analysis
| Submarket | Inventory (sf) | Sublet Vacant (sf) | Direct Vacant (sf) | Overall Vacancy Rate | Current Qtr Net Absorption (sf) | YTD Net Absorption (sf) | YTD Leasing Activity (sf) | Under Construction (sf) | YTD Constr. Completions (sf) | Direct Asking Rent (psf/year) |
|---|---|---|---|---|---|---|---|---|---|---|
| West Palm Beach CBD | 3,115,648 | 3,655 | 387,936 | 12.6% | 34,696 | -54,893 | 113,705 | 0 | 0 | $48.11 |
| Suburban Palm Beach | 20,768,962 | 114,934 | 2,838,184 | 14.2% | 13,042 | -16,897 | 1,002,532 | 333,176 | 0 | $37.61 |
| SUBURBAN WPB | 3,650,337 | 17,155 | 540,430 | 15.3% | -7,234 | 41,354 | 169,723 | 0 | $36.03 | |
| Suburban West Palm Beach | 3,154,212 | 3,937 | 441,807 | 14.1% | 1,317 | 26,751 | 141,823 | 0 | $30.12 | |
| Palm Beach | 496,125 | 13,218 | 98,623 | 22.5% | -8,551 | 14,603 | 27,900 | 0 | $38.64 | |
| North Palm Beach | 3,679,046 | 11,970 | 306,297 | 8.7% | 33,752 | 56,941 | 172,426 | 223,943 | $38.64 | |
| Palm Beach Garden/N. Palm Beach | 3,153,787 | 9,010 | 259,965 | 8.5% | 35,031 | 45,698 | 157,850 | $39.00 | ||
| Jupiter/Tequesta/Juno | 525,259 | 2,960 | 46,332 | 9.4% | -1,279 | 11,243 | 14,576 | 0 | $36.68 | |
| South Palm Beach | 1,964,626 | 19,923 | 323,812 | 17.5% | -34,153 | -124,690 | 107,030 | $38.64 | ||
| Lake Worth | 536,084 | 11,954 | 42,284 | 10.1% | -8,724 | -5,007 | 33,396 | 0 | $31.54 | |
| Boynton Beach | 487,390 | 7,969 | 166,098 | 35.7% | -9,401 | -51,037 | 34,344 | $27.58 | ||
| Delray Beach | 941,152 | 0 | 115,430 | 12.3% | -16,028 | -68,646 | 39,290 | $29.01 | ||
| Boca Raton | 11,474,953 | 65,886 | 1,667,645 | 15.1% | 20,677 | 9,498 | 553,353 | 0 | $35.94 | |
| Glades Road | 3,014,969 | 19,046 | 434,350 | 15.0% | -23,363 | 4,311 | 88,383 | 0 | $42.02 | |
| Federal Highway Corridor | 1,617,378 | 14,913 | 212,055 | 14.0% | -15,423 | -37,646 | 103,624 | 0 | $38.41 | |
| Northwest Boca Raton | 5,642,899 | 23,812 | 902,632 | 16.4% | 60,791 | 91,936 | 305,272 | $32.43 | ||
| Southwest Boca Raton | 522,611 | 0 | 49,059 | 9.4% | 4,235 | -28,509 | 22,161 | 0 | $32.05 | |
| Downtown Boca Raton | 677,096 | 8,115 | 69,549 | 11.5% | -5,563 | -20,594 | 33,913 | $37.61 |
Class Analysis
| Class | Inventory (sf) | Sublet Vacant (sf) | Direct Vacant (sf) | Overall Vacancy Rate | Current Qtr Net Absorption (sf) | YTD Net Absorption (sf) | YTD Leasing Activity (sf) | Direct Asking Rent (psf/year) |
|---|---|---|---|---|---|---|---|---|
| Class A | 9,671,604 | 76,459 | 1,324,015 | 14.5% | 5,104 | -36,652 | 413,344 | $44.42 |
| Class B | 13,227,862 | 41,318 | 1,822,959 | 14.1% | 56,291 | 5,329 | 671,289 | $31.94 |
| Class C | 985,144 | 812 | 79,146 | 8.1% | -13,657 | -40,467 | 28,854 | $34.60 |
Conclusion
Palm Beach County's office market is showing mixed signals with a rise in vacancy but stable asking rents, driven by strong demand from smaller tenants. The county's economic growth and low unemployment rate continue to attract businesses, particularly in the Financial Activities and Leisure and Hospitality sectors. While the CBD remains a tight market, suburban submarkets like Northwest Boca Raton and North Palm Beach are experiencing significant leasing activity. The outlook remains positive, with expectations of improved market fundamentals and potential new construction in prime areas.
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