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Telecom Service Provider Relocates, Inks 40K-SF Lease In West Palm Beach

March 17, 2024/in Done Deals, News/by SFOBA STAFF

Derek Baker of Colliers represented the tenant, while Brian Gale and Anthony Librizzi of Cushman & Wakefield represented the landlord.

West Palm Beach Sunset at Waterway from Flager Museum

Palm Beach County Businesses Holding On CRE Footprints: Survey

March 11, 2024/in News, Trends/by SFOBA STAFF

Now for the 700,000-square-foot question: Will that demand, combined with a continued inflow of out-of-state companies and workers, be enough to fill all the new office space going up in Downtown West Palm Beach?

Telecom Service Provider Relocates, Inks 40K-SF Lease In West Palm Beach

March 17, 2024/in Done Deals, News/by SFOBA STAFF

Derek Baker of Colliers represented the tenant, while Brian Gale and Anthony Librizzi of Cushman & Wakefield represented the landlord.

Palm Beach County Businesses Holding On CRE Footprints: Survey

March 11, 2024/in News, Trends/by SFOBA STAFF

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Telecom Service Provider Relocates, Inks 40K-SF Lease In West Palm Beach

March 17, 2024/in Done Deals, News/by SFOBA STAFF

Dycom Industries has signed a 40,000-square-foot lease to move its headquarters to the 300 Banyan office project in Downtown West Palm Beach.

The top two stories of the 12-story building will be occupied by Dycom, a company that contracts with telecom companies, according to developers Wheelock Street Capital and Brand Atlantic Real Estate Partners. The asking rent is $110 per square foot.

Situated at 300 Banyan Boulevard, the project will have six stories with about 120,000 square feet of leasable office space and three levels of parking.

Dycom Industries will relocate its headquarters from Palm Beach Gardens. Its new lease brings 300 Banyan to 50 percent pre-leased.

Wheelock Street Capital and Brand Atlantic Real Estate Partners obtained a $87 million construction loan from Acore Capital in 2022. The project is expected to be completed in April.

Derek Baker of Colliers represented the tenant, while Brian Gale and Anthony Librizzi of Cushman & Wakefield represented the landlord.

The 300 Banyan office building is part of the larger Banyan & Olive mixed-use development, which also features a historic building at 111 North Olive Avenue. Over two years ago, the joint venture completed a gut renovation of the three-story building, designed by famed architect John Volk, which now functions as a mixed-use property.

Source: Commercial Observer

Palm Beach County Businesses Holding On CRE Footprints: Survey

March 11, 2024/in News, Trends/by SFOBA STAFF

More than a quarter of executives of businesses in Palm Beach County expect to expand their commercial real estate footprints this year, according to a survey released Thursday.

The Business Development Board of Palm Beach County, a public-private economic development organization, and financial services firm Kaufman Rossin polled 544 CEOs, business owners and executives.

Fully 65 percent of respondents said they’ll keep their current commercial real estate footprints in 2024, while 29 percent said they will lease or buy additional space. Just 6 percent expect to pull back on their real estate occupancy.

The trends around employee counts look even more optimistic. Some 55 percent of respondents said they plan to expand their payrolls in 2024, while 40 percent say they’ll maintain their current staffing counts. Just 5 percent anticipated reductions in headcounts.

South Florida’s job growth has helped keep the region’s office market from following the rest of the nation into distress territory. Office vacancy in Palm Beach County was 11.6 percent at the end of 2023, and rents are rising, according to Cushman & Wakefield. (By contrast, Manhattan’s overall office vacancy rate was 22.8 percent at year’s end, the brokerage reported.)

Palm Beach County’s overall asking rents rose to $46.21 per square foot, up 5.9 percent from a year earlier, Cushman & Wakefield reported. Class A rents rose 4.2 percent to $52.43. Class B product recorded a 5 percent annual increase, closing out the year at an average asking rent of $41.12 per foot.

Downtown rents jumped 11.5 percent in 2023, to $64.90 per square foot. Class A space in the submarket recorded a 14 percent increase during the same period, up to $77.27.

Amid the burgeoning demand, Related Companies has embarked on an office building spree. The completions of 300 Banyan and One Flagler will bring 215,000 square feet of new office space to Downtown West Palm Beach, and an additional 585,000 square feet are under construction in the submarket, Cushman & Wakefield said.

However, despite the job growth, Palm Beach County employers also don’t expect a mass return to offices. According to the survey, 68.2 percent of respondents work fully on site now, and 67.4 percent expect that situation to hold in two years. Meanwhile, 13.5 percent of Palm Beach County employers say they’re now fully remote, and 14.2 percent expect to be working entirely outside their offices in two years.

Since the pandemic, the in-migration of jobs and employers to South Florida has offset the trend toward working from home.

“There has been a transformation over the past five years with the buildup of industry and influx of business and population,” Rick Slater, Kaufman Rossin’s managing principal for Palm Beach and Broward counties, said in a statement.

Growth comes with some downsides, too, including traffic congestion and soaring housing costs, both cited as challenges by respondents to the survey.

Source: Commercial Observer

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Telecom Service Provider Relocates, Inks 40K-SF Lease In West Palm Beach

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Telecom Service Provider Relocates, Inks 40K-SF Lease In West Palm Beach

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