Quick Answer
Palm Beach County office asking rents averaged about $40 to $58 per square foot in mid-to-late 2026, depending on the source. Downtown West Palm Beach Class A space is far pricier: downtown asking rents topped $90, and trophy towers like One Flagler quote up to $140. Top-tier downtown space is scarce, with Class A+ availability at just 6.5%.
2026 Office Market Snapshot
| Metric | Figure | Source |
|---|---|---|
| County average asking rent (Q2) | $40.37/sq ft (+10.5% YoY) | CBRE |
| County average asking rent (Q3) | $58.05/sq ft (+12.3% YoY) | Cushman & Wakefield |
| County vacancy (Q2) | 14.4% | CBRE |
| Class A average asking rent (Q2) | $47.02/sq ft | CBRE |
| Class B average asking rent (Q2) | $31.56/sq ft | CBRE |
| Downtown Class A rents (Q2) | Above $90/sq ft | CBRE |
| One Flagler quoted rents | $100–$140/sq ft | Press reports |
| Downtown Class A+ availability (Q3) | 6.5% | CBRE |
| Under construction (Q3) | ~1.7 million sq ft | Cushman & Wakefield |
Why the sources differ
CBRE and Cushman & Wakefield track different sets of buildings and measure rents differently, and most South Florida office rents are quoted full-service, meaning they include operating costs. Compare buildings using the same source and the same rent basis.
How Fast Are Rents Rising?
- Since 2021: CBRE’s county average asking rent rose from $28.22 to $40.37, a 43% gain.
- Last quarter: Rents rose 8.7% from Q1 to Q2 2026.
- Compared with other big markets: The West Palm Beach-Boca Raton area led the nation’s largest office markets in year-over-year rent growth in July 2026, up 19.9% to $50.60, according to Yardi data compiled by Miami Realtors. The national average was $33.30.
Rents by Area
| Submarket (Q2 2026) | Pricing and Vacancy |
|---|---|
| Downtown West Palm Beach (CBD) | Highest Class A rents; downtown Class A above $90 |
| West Palm Beach-Central (Yardi) | $66.90/sq ft average; 12.7% vacancy |
| Palm Beach (island) | Lowest vacancy at 4.8% |
| Delray Beach | Class A up to $60.00 |
| Suburban West Palm Beach | Highest vacancy at 21.2%; Class A from $26.22 |
A Two-Tier Market
The county has a sharp divide:
- Trophy and Class A+ buildings downtown and on the coast are nearly full and command record rents.
- Older Class B and suburban buildings have much higher vacancy and lower rents.
Savills describes this as a persistent two-tier market, where top buildings command premium rents and older properties lag.
How Tight Is Downtown?
Vacancy vs. availability
CBRE reported in Q3 2026 that downtown Class A direct vacancy was 12.4% and Class A+ was 11.7%. Those numbers are inflated by a large block at 300 Banyan that’s leased but not yet occupied.
Availability, which counts space tenants can actually lease, is a better measure:
- Class A availability: 9.0%
- Class A+ availability: 6.5%
Few large blocks
Marcus & Millichap reported in early 2026 that the downtown had a 10.6% vacancy rate, the second tightest among major U.S. downtowns, and no available blocks larger than 50,000 square feet.
Path to single-digit vacancy
Avison Young called West Palm Beach Florida’s tightest office market in early 2026, at 14.0% vacancy. It projects single-digit vacancy:
- By 2032 at 200,000 sq ft of yearly absorption
- By 2029 at 400,000 sq ft a year
- As early as 2028 at 600,000 sq ft a year
What’s Under Construction?
| Project | Size | Status | Key Tenants |
|---|---|---|---|
| 10 CityPlace | ~470,000–480,000 sq ft | Completing 2027 | ServiceNow (up to 200,000 sq ft) |
| 15 CityPlace | ~490,000–500,000 sq ft | Completing 2027; 60%+ pre-leased | Cleveland Clinic, BDO, Shutts & Bowen, Greenberg Traurig, Related Ross HQ |
| The Modern | ~200,000 sq ft | Started Q3 2026; late 2027 delivery | Not announced |
| One West Palm | Not specified | Upcoming delivery | Not announced |
Financing: Related Ross secured a $772 million construction loan for the two CityPlace towers, led by Ares with HPS Investment Partners and Monarch Alternative Capital.
Renovations: Related Ross announced a $120 million renovation of Phillips Point.
Recent Leasing Activity
| Tenant | Size | Location |
|---|---|---|
| Fiserv | 250,000 sq ft | North Boca (largest South Florida office lease since 2020) |
| Bank of America | 61,000 sq ft | West Boca |
| Wells Fargo Wealth & Investment Mgmt. | ~50,000 sq ft | One Flagler, downtown West Palm Beach |
| CDM Smith | 25,000 sq ft | 545 Hibiscus St., downtown West Palm Beach |
| Suffolk Construction | 19,000 sq ft | 205 Datura St., downtown West Palm Beach |
Leasing topped 700,000 square feet countywide in Q3 2026, and the county is on pace for a second straight year of positive absorption.
What Tenants Should Know
- Start early. Large downtown blocks are scarce, so tenants needing more than 50,000 square feet may have to pre-lease in buildings still under construction.
- Check the rent basis. Confirm whether a quote is full-service gross or triple net.
- Weigh trophy against Class B. Class B space averages about $31.56, roughly a third less than Class A.
- Watch 2027 deliveries. Nearly 1 million square feet at 10 and 15 CityPlace could give tenants more options and some negotiating leverage.
- Negotiate concessions. Ask about tenant improvement allowances and free rent, especially in older buildings.
Frequently Asked Questions
How much does office space cost in downtown West Palm Beach?
Downtown Class A asking rents topped $90 per square foot in Q2 2026, according to CBRE. Trophy space like One Flagler has quoted $100 to $140. The countywide average was about $40 to $58, depending on the source.
What is the office vacancy rate in West Palm Beach?
CBRE reported 14.4% countywide vacancy in Q2 2026. Downtown Class A+ availability, a better measure of leasable space, was just 6.5% in Q3 2026.
Is West Palm Beach the tightest office market in Florida?
Yes, by several measures. Avison Young called it Florida’s tightest office market in early 2026, and Cushman & Wakefield described it the same way in Q3 2026.
What new office buildings are coming to West Palm Beach?
10 CityPlace and 15 CityPlace, nearly 1 million square feet combined, are scheduled for 2027. The Modern, about 200,000 square feet, is slated for late 2027.
Why are West Palm Beach office rents rising so fast?
Finance, law, healthcare and tech firms are moving to or expanding downtown, there are few large blocks of top-tier space, and new supply won’t arrive until 2027.
Will office rents in West Palm Beach keep rising?
Rents for trophy space are likely to stay strong. About 1.7 million square feet under construction could ease pressure after 2027. Savills says rent growth is moderating from peak levels as concessions and inflation limit effective gains.
Sources and Further Reading
- CBRE, “West Palm Beach Office Figures – Q2 2026,” July 6, 2026
- CBRE, “Palm Beach County Office Figures Q2 2026” (full report)
- CBRE, “Palm Beach County Office Figures Q3 2026,” October 5, 2026
- CBRE, “Palm Beach County Office Figures Q1 2026”
- Cushman & Wakefield, Palm Beach Office MarketBeat Q3 2026
- Miami Realtors, South Florida Office Insights, August 2026 (Yardi Matrix data)
- Marcus & Millichap, West Palm Beach Office Market Report 1Q 2026
- Avison Young, “West Palm Beach office market could see single digit vacancy rate before 2030”
- Savills, Palm Beach County Q1 2026 Office Market Report
- Commercial Observer, “Stephen Ross Lands $772M to Build Two West Palm Offices,” December 2025
- Connect CRE, “Related Ross Breaks Ground on Two W. Palm Beach Towers”
- Florida YIMBY, “Construction Progresses on 10 and 15 CityPlace in Downtown West Palm Beach,” August 2026
- CommercialSearch, “West Palm Beach, Fla., Is Office Construction Hotspot, Bucks National Trend”
- Hoodline, “Greenberg Traurig Leaves 1980s Digs for Dolphins Owner’s New Tower,” August 2026
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