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Palm Beach County Office Market Report Q2 2026
Palm Beach County Office Market Report Q2 2026
Berger Commercial Realty’s quarterly overview of Palm Beach County office market conditions, including vacancy, asking rents, absorption, availability, inventory, top sales, top leases and the key trends shaping the South Florida office sector.
Published July 20, 2026 | Analysis by Michael Feuerman, SIOR, CCIM, Managing Director, Palm Beach | Data provided by CoStar Group
The Palm Beach County office market strengthened during the second quarter of 2026 as leasing activity continued at a healthy pace, vacancy extended its downward trend and availability tightened for the fourth consecutive quarter. The combination of sustained positive absorption and no new deliveries supported improving occupancy conditions across the market.
In Q2 2026, Palm Beach County recorded approximately 60.6 million square feet of office inventory. The market posted a 7.5% vacancy rate, average asking rents of $52.75 per square foot, an availability rate of 6.6% and positive net absorption of 261,750 square feet, the strongest absorption performance of the past four quarters.
Q2 2026 at a Glance
- Vacancy fell 40 basis points to 7.5%, down from 8.3% in Q3 2025.
- Availability declined to 6.6% from 7.0%, a fourth straight quarterly drop.
- Average asking rent reached a new high of $52.75 PSF, up $2.45 or 4.9% from Q1.
- Net absorption totaled positive 261,750 square feet, a fourth consecutive positive quarter.
- Developers delivered no new office space during the quarter.
- Total inventory held at 60,578,956 square feet, with 55,673,115 square feet occupied.
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7.5%
Vacancy Rate
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6.6%
Availability Rate
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$52.75
Avg. Asking Rent PSF
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+261,750 SF
Net Absorption
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0 SF
New Deliveries
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60.6M SF
Office Inventory
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Download the Full Palm Beach County Office Market Report
Click below to download the full Q2 2026 Palm Beach County Office Market Report, including detailed market data, vacancy and availability trends, asking rents, absorption, new deliveries, top sales, top leases and additional office market insights.
Palm Beach County Office Market Overview
Palm Beach County remains one of South Florida’s most desirable office markets, supported by population growth, executive relocation, financial services, professional firms, healthcare users and continued business expansion throughout Boca Raton, West Palm Beach, Jupiter and surrounding submarkets.
Tenant demand continues to favor modern, well-located office environments with upgraded amenities, efficient layouts, strong parking and convenient access. Class A and recently renovated properties remain best positioned to capture leasing activity and command premium rental rates.
With no new office deliveries recorded during the quarter, tenant demand was concentrated within the existing inventory base. This helped support occupancy gains, declining vacancy and continued rent growth across competitive assets. Owners can review our
landlord representation and
property management services, while occupiers can start with
tenant representation.
What the Q2 2026 Data Shows
Palm Beach County recorded 261,750 square feet of positive net absorption in Q2 2026, a significant increase from 44,954 square feet in Q1 2026. The quarter marked the fourth consecutive period of positive absorption and the strongest absorption performance of the past four quarters, indicating that tenant move-ins meaningfully outpaced move-outs.
Vacancy declined to 7.5% in Q2, a 40-basis-point decrease from 7.9% in Q1. The improvement continues a steady downward trend from 8.3% in Q3 2025 and 8.0% in Q4 2025. Availability also declined, falling from 7.0% to 6.6% quarter-over-quarter and marking four straight quarters of decline.
With no new deliveries recorded during the quarter, leasing activity was concentrated within existing office inventory, which held at 60,578,956 square feet. Total occupied space rose to 55,673,115 square feet.
Asking rents increased to $52.75 per square foot from $50.30 in Q1, a $2.45 or 4.9% quarter-over-quarter gain and a new market high. Rising rents, accelerating absorption and declining vacancy together point to improving fundamentals, particularly for modern and well-located office properties.
“Palm Beach County office is running against the national narrative, and it isn’t close. Four straight quarters of positive absorption, vacancy down 80 basis points in a year and rents up more than 14% since Q3 2025. When 61,400 square feet gets leased at One Town Center and nothing new delivers, that’s a market where quality space is genuinely scarce.”
Michael Feuerman, SIOR, CCIM
Managing Director, Palm Beach | Berger Commercial Realty
Palm Beach County Office Key Indicators
| Quarter | RBA | Vacancy Rate | Market Asking Rent | Availability Rate | Net Absorption SF | Deliverables SF | Total Occupied SF |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 60,578,956 | 7.5% | $52.75 | 6.6% | 261,750 | 0 | 55,673,115 |
| Q1 2026 | 60,578,956 | 7.9% | $50.30 | 7.0% | 44,954 | 0 | 55,385,734 |
| Q4 2025 | 60,578,956 | 8.0% | $48.76 | 7.1% | 190,840 | 5,720 | 55,313,020 |
| Q3 2025 | 60,573,236 | 8.3% | $46.15 | 7.4% | 21,284 | 35,400 | 55,162,889 |
Data provided by CoStar Group. Figures for prior quarters reflect current CoStar revisions and may differ from previously published reports.
Palm Beach County Office Asking Rent Per SF
Asking rental rates in the Palm Beach County office market continued to rise in Q2 2026, with average rents increasing to $52.75 per square foot from $50.30 per square foot in Q1. The $2.45 quarter-over-quarter increase represents growth of approximately 4.9% and continues the upward rental trend observed over the past six quarters.
The increase in asking rents coincides with strengthening market fundamentals, including accelerating net absorption and declining vacancy. With vacancy falling to 7.5% and availability declining to 6.6%, tightening space conditions have supported landlord pricing and contributed to continued rent growth across the market.
Rental performance remains influenced by the ongoing flight to quality, as tenants continue to prioritize modern, well-located office environments with upgraded amenities and efficient space configurations. Class A and recently renovated properties remain best positioned to capture demand and command premium rental rates, particularly in highly desirable office submarkets.
The absence of new office deliveries during the quarter has also supported existing inventory. With tenant demand concentrated within the current supply base, landlords of competitive assets have been able to maintain stronger pricing expectations. This dynamic has further widened the performance gap between high-quality office properties and older buildings that may require capital improvements or more aggressive leasing strategies to remain competitive.
Overall, Q2 2026 rental trends reflect continued strength in the Palm Beach County office market. Rising asking rents, positive absorption and declining vacancy point to improving market fundamentals, with rental performance likely to remain closely tied to asset quality, location and the availability of modern office space as the market progresses through the second half of the year.
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$52.75
Q2 2026 Asking Rent PSF
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+4.9%
Quarter-Over-Quarter Change (+$2.45 PSF)
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+14.3%
Change Q3 2025 – Q2 2026 (+$6.60 PSF)
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Q2 2026
Peak Asking Rent ($52.75)
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Key Trends in the Palm Beach County Office Market
Tenant Demand Is Strengthening
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Flight to Quality Continues
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Absorption Accelerated
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Asking Rents Reached a New High
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Vacancy and Availability Both Tightened
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No New Supply Delivered
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Top Palm Beach County Office Sales, Q2 2026
| Property | Address | Price | Price/SF | Size |
|---|---|---|---|---|
| Fountains of Camino Real Part of a 7-property sale |
7100 W Camino Real, Boca Raton, FL 33433 | $40,000,000 | $211.04 | 189,542 SF |
| Bank of America Plaza Part of a 2-property sale |
2000 Glades Rd, Boca Raton, FL 33431 | $26,150,000 | $354.38 | 73,791 SF |
| River Plaza | 900 S US Highway 1, Jupiter, FL 33477 | $14,500,000 | $391.89 | 37,000 SF |
| The Park at Broken Sound | 1095 Broken Sound Pky, Boca Raton, FL 33487 | $12,700,000 | $211.49 | 60,050 SF |
Data provided by CoStar Group. Portfolio transactions reflect total portfolio price and size.
Top Palm Beach County Office Leases, Q2 2026
| Property | Address | Building Size | SF Leased |
|---|---|---|---|
| One Town Center | 1 Town Center Rd, Boca Raton, FL 33486 | 257,030 SF | 61,400 SF |
| The Park at Broken Sound | 5201 Congress Ave, Boca Raton, FL 33487 | 205,000 SF | 24,653 SF |
| 205 Datura St | 205 Datura St, West Palm Beach, FL 33401 | 71,694 SF | 19,455 SF |
Data provided by CoStar Group. Browse current availabilities on our
property search.
What This Means for Owners and Tenants
For Property Owners
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For Tenants
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Palm Beach County Office Market Outlook
The Palm Beach County office market enters the second half of 2026 with improving fundamentals. Positive absorption accelerated, vacancy and availability both declined, and asking rents continued to rise as tenants competed for quality space within the existing inventory base.
Well-located, modernized and professionally managed office properties should remain best positioned to benefit from these conditions. Older buildings may need to invest in improvements, strengthen leasing packages or reposition to remain competitive.
“Availability at 6.6% and falling, with nothing under construction delivering this quarter, means the good space gets taken. We’re telling tenants to start their searches a quarter or two earlier than they used to, and telling owners of well-located buildings that this is the moment to invest in the asset rather than discount the rent.”
Michael Feuerman, SIOR, CCIM — Managing Director, Palm Beach
Palm Beach County is not merely holding steady. The market is tightening, and the best office assets are gaining ground.
View all Q2 2026 Broward and Palm Beach County market reports →
Palm Beach County Office Market FAQ
What was the Palm Beach County office vacancy rate in Q2 2026?
The Palm Beach County office vacancy rate was 7.5% in Q2 2026, a 40-basis-point decrease from 7.9% in Q1 2026. Vacancy has declined steadily from 8.3% in Q3 2025 and 8.0% in Q4 2025.
What was the average asking rent for Palm Beach County office space in Q2 2026?
The average asking rent was $52.75 per square foot in Q2 2026, up $2.45 or approximately 4.9% from $50.30 per square foot in Q1 2026. That is a new market high and represents 14.3% growth since Q3 2025.
What was Palm Beach County office net absorption in Q2 2026?
Palm Beach County recorded positive net absorption of 261,750 square feet in Q2 2026, up from 44,954 square feet in Q1 2026. It was the fourth consecutive quarter of positive absorption and the strongest performance of the past four quarters.
How much office inventory does Palm Beach County have?
Palm Beach County recorded 60,578,956 square feet of office inventory in Q2 2026, or approximately 60.6 million square feet, of which 55,673,115 square feet was occupied.
What was the Palm Beach County office availability rate in Q2 2026?
The availability rate was 6.6% in Q2 2026, down from 7.0% in Q1 2026. It was the fourth straight quarterly decline, indicating that less space is being actively marketed as the market tightens.
How much new office space was delivered in Palm Beach County in Q2 2026?
No new office space was delivered in Q2 2026, compared with 5,720 square feet in Q4 2025 and 35,400 square feet in Q3 2025. Tenant demand was therefore absorbed entirely within existing inventory.
What was the largest Palm Beach County office sale in Q2 2026?
Fountains of Camino Real at 7100 W Camino Real in Boca Raton traded for $40,000,000, or $211.04 per square foot across 189,542 square feet, as part of a seven-property sale.
Is now a good time to lease office space in Palm Beach County?
Conditions have shifted toward landlords. With vacancy at 7.5%, availability at 6.6% and no new deliveries in the quarter, the best space is getting harder to secure and asking rents have risen for six straight quarters. Tenants should start searches earlier and be prepared to move decisively on quality options.
What types of office properties are better positioned in Palm Beach County?
Office properties with strong locations, professional management, convenient parking, modernized space, quality amenities and efficient layouts are better positioned. The flight to quality has widened the performance gap between Class A or recently renovated assets and older buildings that may require capital improvements.
Where can I download the full Palm Beach County Office Market Report Q2 2026?
The full report is available as a free PDF download from Berger Commercial Realty. Download the Q2 2026 Palm Beach County Office Market Report.
Related Market Reports and Resources
- Palm Beach County Industrial Market Report Q2 2026 — how the county’s industrial sector performed over the same quarter.
- All Q2 2026 Broward and Palm Beach County market reports — office and industrial across South Florida.
- Commercial real estate brokerage in South Florida
- Commercial property management services
- Search available office properties
- Receivership and special asset services
Need Palm Beach County Office Market Guidance?
Berger Commercial Realty provides commercial real estate brokerage, property management and receivership services throughout Palm Beach County and South Florida. Whether you are leasing office space, evaluating your property’s performance, preparing to sell, repositioning an asset or reviewing your property management strategy, our team can help you make informed real estate decisions.
Palm Beach office: 2240 Woolbright Road, Suite 300, Boynton Beach, FL 33426 |
561.613.0900
Data provided by CoStar Group. Prior-quarter figures reflect current CoStar revisions.