By: Max Crampton-Thomas
2 min read January 2020 — The commercial real estate market in Palm Beach County has drawn major interest and investment over the past several years. In 2019, the market has remained strong and looks to remain steadfast on this positive track into 2020. Invest: spoke with Michael Feuerman, senior vice president and managing director for Berger Commercial Realty’s Palm Beach Office, about what he has observed in the market over the last year and why the region has become so attractive for development in the commercial real estate space.
What were the company’s highlights from the past year?
The last year has been productive for us. We hired two new brokers, one in Broward and one in Palm Beach, and we’re continuing to add to our portfolio. Right now we have about 7.5 million square feet of commercial property under management, and roughly 6.5 million square feet listed.
What makes this region a compelling area for investment?
South Florida in general is a cosmopolitan region. In Palm Beach County, we have a population close to 1.5 million. The workforce is just under half of that. That’s a good population size with a solid workforce. Palm Beach also has a substantial office market at around 55.6 million square feet and an industrial market around 62 million square feet, but our rents are lower than our neighbors to the south.
In which sectors are you seeing the most growth in Palm Beach County?
The medical industry has grown substantially in the Palm Beach area and as a result, many of my clients are in the healthcare sector and looking to expand their footprint. Another trend we’re seeing is that office users are needing more efficient spaces, or smaller office spaces that can fit the same or more people comfortably. Because these are usually the same buildings with the same structural footprint, parking has become a challenge. Rideshares, autonomous vehicles, public transportation and parking decks are all floated as possible solutions for this.
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