· Covers 3Q 2026 · Data as of October 2026 · Ironmark research
Palm Beach County industrial vacancy was 8.1% in 3Q 2026 (data as of October 2026), and average asking rent was $14.51 per SF per year, according to Ironmark’s 3Q 2026 Palm Beach Industrial Brief.
Palm Beach is filling last year’s new buildings, and almost nothing is coming behind them. Vacancy (the share of space that is empty) is 8.1%, up 1.3 pts in a year as 998,000 SF of new buildings opened, yet occupied space rose +85.7K SF in the third quarter (space tenants moved into minus space they left). Only about 277K SF is being built. Asking rent (what landlords ask) is $14.51 per SF a year, and values are moving faster than rents: the estimated market value of the county’s industrial buildings rose 8.8% in a year against 2.3% rent growth, with a typical sale price of $285 per SF and a cap rate (the yearly return from rent, as a % of the price) near 6.4%.
See how Palm Beach compares with Florida’s other industrial markets in the statewide market data table.
What happened in Palm Beach industrial in 3Q 2026
The bottom line: new space fills; little new is coming.
- For tenants: the largest empty spaces are in the western county, 22.7% vacant, with only about 277K SF being built countywide.
- For owners: last year’s new space is filling, and 64.8% of the space being built is already leased; the edge is shifting your way.
- For buyers: values rose 8.8% in a year against 2.3% rent growth; price in only the rent you can prove, not the trend.
Four threads run through Palm Beach over the past twelve months: last year’s new buildings began to fill, vacancy kept edging up as they opened, rents held a 2.3% pace, and very little new space is being built.
- Demand: back near break-even. Over 12 months, occupied space (space tenants moved into minus space they left) fell about 23,000 SF, a smaller drop than the 340,000 SF in our 2Q brief. New space led: occupied space rose 232,000 SF in Palm Beach County Outlying and 218,000 SF in Boca Raton West; it fell 383,000 SF at Palm Beach Airport.
- Vacancy: higher, and concentrated. Vacancy rose 1.3 pts in a year to 8.1% as 998,000 SF of new buildings opened. The most empty space, about 2.0 million SF, is in Palm Beach County Outlying (22.7% vacant), where 704,000 SF opened; Lake Worth East is lowest at 2.2%.
- Rents: steady at 2.3%. Asking rents (what landlords ask) average about $14.51 per SF a year. Rents across all buildings rose 2.3% in a year, against 1.3% nationally; the outlying county, the cheapest, grew fastest at 3.9%.
- Being built: the tap is nearly shut. About 277K SF is being built, the market consensus. Our own count of every project fell from 888,000 SF last quarter to three buildings, and 64.8% of that space is already leased before it is finished; the one fully leased project is on Southern Blvd by the airport.
Demand drivers held up: total jobs in the West Palm Beach area rose 0.8% (about 5,300 jobs) from September 2025 to September 2026, and transportation, warehousing and utilities jobs rose 2.6% (preliminary).
Palm Beach industrial by area, 3Q 2026
Ironmark reads Palm Beach as five zones. The western county got 704,000 of the 998,000 SF of new buildings finished over 12 months and holds a third of the vacant space, 22.7% vacant, yet its occupied space rose the most: up 232,000 SF. The four established zones run 5.4% to 6.7% vacant.
| Zone | Share of all space | Being built (SF) | Occupied space change, past 12 months (SF) | Vacancy | Rent vs county average | Already leased before finished |
|---|---|---|---|---|---|---|
| North county | 9% | 0 | 78K | 5.8% | +20% | n/a |
| Riviera & 45th St | 25% | 0 | (363K) | 5.4% | −13% | n/a |
| Airport & central | 29% | 122K | (171K) | 6.1% | +4% | 74% |
| South county | 24% | 0 | 200K | 6.7% | +14% | n/a |
| Western county | 12% | 111K | 232K | 22.7% | −25% | 54% |
| Palm Beach County | 100% | 234K | (22.6K) | 8.1% | — | 65% |
All industrial buildings, data as of October 2026; zones and zone totals are Ironmark analysis. Occupied space change = space tenants moved into minus space they left over 12 months; figures in brackets are drops. Rent vs county average = each zone’s rent (weighted by building size) against the county average. Already leased before finished = share of the space being built that is already leased; n/a = nothing being built. Area figures count every project in the source data, so they total less than the market consensus above. North county = Jupiter, Palm Beach Gardens, Lake Park; Riviera & 45th St = the Port, Lewis Terminals, Westroads, Central Palm Beach, Austin Park/Hill/53rd St, 45th Street, Electronics Way; Airport & central = Palm Beach Airport, Southern Blvd, Downtown West Palm Beach to Tri-Rail, West of Turnpike, Lake Worth; South county = Boynton Beach, Delray Beach, Boca Raton, Park at Broken Sound; Western county = Palm Beach County Outlying.
Where you sit sets the rate. Boca Raton East rents run 37% above the county average, Jupiter 30% and Palm Beach Gardens 24%. On vacancy, Palm Beach County Outlying (22.7%) leads, followed by Electronics Way (12.7%), Palm Beach Airport (11.7%) and Boynton Beach (11.6%). The outlying county and Boca Raton West, where new space opened, gained the most occupied space; Palm Beach Airport lost the most.
Palm Beach industrial capital markets: sales volume, pricing and cap rates
Values ran ahead of rents. Palm Beach industrial sales totaled $780.8 million over the past twelve months, just under the $829.5 million 12-month peak set in 2022. The bigger change is price: the estimated market value of the county’s industrial buildings rose 8.8% in a year to $232 per SF, against 2.3% rent growth and a cap rate (the yearly return from rent, as a % of the price) near 6.4%. One trade drove much of the total: Blackstone’s Link Logistics bought eight Boynton Beach buildings from Prologis for $195.9 million.
Warehouse and distribution buildings carry the volume: $636 million sold at $229 per SF and a 6.3% cap rate, against $54.9 million of flex space (small office-and-warehouse units) at $247 per SF and 6.9%. The typical sale (the middle of 222 sales) is $285 per SF, against a $236 average; the eight-building Boynton portfolio sold at $245 per SF. The largest buyers by dollars spent were Blackstone / Link Logistics ($195.9 million, 8 deals), Cabot Properties ($79.6 million, 3 deals) and DRA Advisors ($43.0 million, 3 deals).
Outlook. Prices are running ahead of the rents behind them. If you own a well-located, well-leased building, that favors selling now. If you are buying, price in only the rent increases each building can prove, lease by lease, not the county’s headline price gains, above all in partly leased buildings.
Ironmark’s read on Palm Beach industrial
What we’re seeing on the ground.
“Palm Beach has turned the supply tap nearly off. The vacancy you see is space already built, and the newest of it is leasing.”
Over the past twelve months this county saw 998,000 SF of new buildings finished, 704,000 of it in the Palm Beach County Outlying area. What sits behind it now is thin: about 277,000 SF being built, and the three projects we track are 64.8% already leased. Meanwhile the new space is filling. Occupied space in Outlying rose 232,000 SF, Boca Raton West 218,000 against 186,000 finished, and the countywide drop in occupied space shrank from about 340,000 SF in our 2Q brief to about 23,000. Vacancy at 8.1% still reads soft, and Outlying sits at 22.7%, but that is space already built, not space still coming. Tenants who need a large block have real options today, and few will be added behind them. Owners of that space should expect leverage to shift their way as it leases.
— Matthew L. Phillips, SIOR · (561) 621-5466
“Values rose 8.8% in a year while rents rose 2.3%. Buyers here are paying for the next lease, not the one in place.”
The estimated value of Palm Beach industrial rose 8.8% over the past year to $232 a foot. Asking rents rose 2.3%, and the cap rate (the yearly return from rent, as a % of the price) barely moved at 6.4%. When price outruns rent like that, buyers are paying for future rent, not current income. The year’s largest bet says the same: Blackstone, through Link Logistics, bought eight Gateway-area buildings in Boynton Beach from Prologis for $195.9 million at $245 a foot, about a quarter of the county’s $780.8 million in 12-month sales, including buildings 31% and 62% leased. Sellers holding well-located, below-market leases have the advantage right now. Buyers should price only the rent increases they can prove, building by building, rather than the county average.
— Troy Schaafsma, SIOR · (561) 621-5489
Frequently Asked Questions
What is the industrial vacancy rate in Palm Beach County?
Industrial vacancy in Palm Beach County was 8.1% in 3Q 2026 (data as of October 2026), up 1.3 points in a year as 998,000 SF of new buildings opened, according to Ironmark’s 3Q 2026 Palm Beach Industrial Brief. The empty space is concentrated in the western county (Palm Beach County Outlying) at 22.7% vacant, while the four established zones run 5.4% to 6.7%.
What does warehouse space rent for in Palm Beach County?
Asking rent (what landlords ask) for Palm Beach County industrial space was $14.51 per SF per year in 3Q 2026, the middle figure of other firms’ third-quarter reports, per Ironmark’s 3Q 2026 Palm Beach Industrial Brief. Rents across all buildings rose 2.3% in a year against 1.3% nationally, and the western county, the cheapest zone, grew fastest at 3.9%.
Is Palm Beach industrial demand growing or shrinking?
Occupied space in Palm Beach County rose +85.7K SF in 3Q 2026 (space tenants moved into minus space they left), the middle figure of other firms’ third-quarter reports, per Ironmark’s 3Q 2026 Palm Beach Industrial Brief. Over the past 12 months the county was close to break-even: occupied space fell about 23,000 SF, a smaller drop than the 340,000 SF in Ironmark’s 2Q brief, as last year’s new buildings began to fill.
What are Palm Beach industrial buildings selling for, and at what cap rate?
The typical Palm Beach County industrial sale (the middle of 222 sales over the past 12 months) was $285 per SF ($236 average), and the cap rate, the yearly return from rent as a % of the price, was 6.4% against 7.4% nationally, per Ironmark’s 3Q 2026 Palm Beach Industrial Brief. About $780.8 million traded in the 12 months, near the $829.5 million peak set in 2022, and estimated values rose 8.8% in a year while rents rose 2.3%.
How much industrial space is being built (under construction) in Palm Beach County?
Palm Beach County had about 277K SF of industrial space being built in 3Q 2026, the middle figure of other firms’ third-quarter reports, per Ironmark’s 3Q 2026 Palm Beach Industrial Brief. Ironmark’s own count of every project fell from 888,000 SF the quarter before to three buildings, and 64.8% of that space was already leased before it is finished.
Buying, selling, or leasing in Palm Beach? See Ironmark’s Palm Beach County industrial brokerage, or read every Florida market brief.
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The complete PDF includes the zone and area charts, the top sales and leases, the largest projects being built, pricing by property type, the top buyers, and full sources and definitions. Prepared by Ironmark — free, no obligation.
Ironmark Florida Industrial Brief — Palm Beach Edition. This brief is Ironmark Capital Advisory’s own analysis and commentary, covering 3Q 2026 with data as of October 2026; it is informational and not tax, legal, or investment advice. Sources: the quarter’s occupied space change, asking rent and space being built are the market consensus, the middle figure (median) of third-quarter 2026 Palm Beach County reports from CBRE, JLL, Colliers, Cushman & Wakefield and Newmark; vacancy and the zone, area and project figures cover all industrial buildings; jobs data from the U.S. Bureau of Labor Statistics (West Palm Beach-Boca Raton-Delray Beach, September 2026, preliminary); zones, zone totals and commentary are Ironmark analysis. From this edition the headline asking rent is the middle figure of other firms’ third-quarter reports; earlier Ironmark briefs used an estimate covering every building, which runs higher, so the two are not directly comparable. © 2026 Ironmark Capital Advisory.