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Market Overview
The West Palm Beach industrial submarket is Palm Beach County’s largest with 14 million square feet of space representing over one-third of
total market inventory. The submarket is bordered on the north by 12th Street, on the east by the Intracoastal, on the south by Okeechobee
Boulevard, and on the west by Australian Avenue and Interstate 95. The West Palm Beach submarket benefits from its close proximity to major
roadways, an international airport, and a wide variety of residential housing options. The West Palm Beach industrial submarket continued its
robust performance across all product types in 2016 with strong tenant demand driving the vacancy rate down to end 2016 at 4.5%. Despite
modest levels of new construction, market conditions are expected to continue to tighten for the foreseeable future.
West Palm Beach Submarket
The Riviera Beach has been an attractive alternative for industrial tenants in South Florida. The area benefits from the close proximity to major
roadways, the international airport, and quality residential housing. It is bordered on the north by Silver Beach Road, on the east by the Atlantic
Ocean, on the south by Inlet Boulevard, and on the west by the Bee Line Highway. Tightening market conditions and positive economic trends
are poised to drive the market’s key indicators to positive territory making 2017 another strong year for the area’s industrial market.
Major Market Trends and Diagnostics
• Select adjacent submarkets have virtually no existing warehouse inventory available
• User demand has greatly exceeded construction levels over a 5-year and 10-year window
• Severe supply constraint for new in-fill buildings that can accommodate users in the small-bay space
• Speculative development severely limited by significant barriers to entry, most notably relating to sight costs
Major Industrial Users in Palm Beach (partial list)
• Aldi Supermarkets
• Areojet Rocketdyne
• Cheney Brothers
• Eastern Metal Supply
• Fedex
• Florida Power & Light
• Iron Mountain
• Pepsico
• Publix
• Tire Kingdom
• Tropical Shipping
• Tyco
• Walgreens
Riviera Beach Submarket