Office Leasing in Selected Florida Cities, Executive summary

Executive Summary

Office leasing in Florida varies widely by location. This report compares five cities: West Palm Beach, Palm Beach Gardens, Lake Worth, Lauderhill, and Tamarac.

Each city serves a different tenant base. As a result, landlords and tenants should assess each market separately.

• West Palm Beach: A premium office market with major leases, higher rents, and substantial new construction.
• Palm Beach Gardens: A suburban market that attracts selected corporate tenants and has a major office tower planned.
• Lake Worth: A local market with a strong focus on smaller medical and professional offices.
• Lauderhill: An affordable office market with mostly Class B and Class C buildings.
• Tamarac: A value-focused market serving small businesses, medical practices, and local professionals.

What This Means for Landlords

In West Palm Beach, owners must balance premium rents with growing competition from new buildings. In Palm Beach Gardens, success depends more on attracting individual corporate tenants.

Meanwhile, owners in Lake Worth, Lauderhill, and Tamarac should focus on practical features. Smaller suites, useful layouts, parking, signage, and flexible terms can help attract tenants.

What This Means for Tenants

Tenants may find more room to negotiate in the smaller inland markets. However, premium downtown West Palm Beach space is likely to offer less pricing flexibility.

The outlook also differs by city. Based on the report’s data, West Palm Beach has the strongest growth prospects. Lake Worth appears steadier, while Lauderhill and Tamarac may remain more favorable to tenants.

How to Read This Report

The report draws on research from CBRE, Cushman & Wakefield, Newmark, and Colliers. It also uses CommercialCafe and Yardi listing data where brokerage reports do not cover individual cities.

Employment figures come from the U.S. Bureau of Labor Statistics and FloridaCommerce. Company announcements and local business sources provide additional leasing and project details.

The Sources Cover Different Buildings

These sources do not measure the same properties. For example, CBRE’s Palm Beach County survey covers competitive Class A and Class B buildings of at least 30,000 square feet. It excludes medical and government buildings.

Newmark uses different property groups and market boundaries. CommercialCafe’s city inventory figures cover buildings larger than 50,000 square feet. Its listing pages do not provide a comparable citywide vacancy or absorption history.

Therefore, the figures are useful for understanding each market, but they are not fully comparable. Where the supplied sources do not establish a figure, this report labels it “not available.”

Key Terms

• Inventory: The total office space covered by a source.
• Vacancy: The share of tracked space that is vacant.
• Asking rent: The advertised rent, which may differ from the final lease rate.
• Net absorption: The change in occupied space over a period. A negative figure means occupied space declined.
• Pipeline: Office space planned or under construction.
• NNN: Triple-net rent. Tenants generally pay specified property expenses in addition to base rent.
• Full-service rent: Rent that includes certain operating expenses. The lease defines what is included.

Geographic Coverage

• West Palm Beach: Downtown and suburban West Palm Beach markets.
• Palm Beach Gardens: The city market, with broader North County context.
• Lake Worth: City listings and the broader Palm Springs/Lake Worth market.
• Lauderhill: City-level office listings.
• Tamarac: City listings and a very small Tamarac/Margate survey area.

These areas follow the source reports. They do not always match city boundaries.

Office Market Comparison

The table below summarizes the supplied figures. Most brokerage data cover the first quarter of 2026. The Lauderhill and Tamarac listing figures come from 2026 city pages.

Important Comparison Limits

The West Palm Beach figures combine CBRE’s downtown and suburban markets. They are weighted estimates rather than a single published city total.

The Lake Worth brokerage figures cover Palm Springs/Lake Worth. They should not be treated as measurements of Lake Worth alone.

Also, NNN rents and full-service rents include different expenses. Compare the total lease cost before deciding which location is cheaper.

Finally, listing averages for Lauderhill and Tamarac do not measure the entire market. Listed space is also not the same as vacant space.

Countywide Office Trends

County reports provide broader context for the five cities. The supplied figures show relatively small vacancy changes between early 2025 and early 2026.

These trends suggest uneven conditions rather than uniform growth. Well-located buildings appear better positioned, while older and secondary properties face more competition.

West Palm Beach Office Leasing

Market Conditions

West Palm Beach has the strongest combination of major leases, premium buildings, and investment activity in this comparison.

The combined downtown and suburban estimate covers about 6.13 million square feet. It shows roughly 16.6% vacancy and an average NNN asking rent of $44.80 per square foot.

Downtown figures are stronger. CBRE’s Q1 2026 downtown market covers 3.79 million square feet, with 13.4% vacancy. Its average NNN asking rent is $56.75 per square foot.

Downtown and Suburban Differences

Downtown buildings compete on waterfront access, amenities, and proximity to Brightline. In contrast, suburban offices often offer easier parking and lower costs.

New development is concentrated downtown. The supplied figures show 1.35 million square feet under construction there.

CBRE reported no new deliveries in Q1 2026. However, countywide construction reached 1.52 million square feet after 10 CityPlace broke ground.

Major Buildings and Transactions

Related Ross lists One Flagler, 360 Rosemary, CityPlace Tower, Esperante Corporate Center, and Phillips Point in its West Palm Beach office collection. It also acquired One Clearlake in late 2025.

Another downtown competitor is 300 Banyan. Brand Atlantic Real Estate Partners and Wheelock Street Capital developed the property.

The supplied report highlights several major transactions:

• ServiceNow announced a 211,800-square-foot expansion at 10 CityPlace.
• The company plans a regional innovation hub and AI Institute, with more than 850 jobs expected over five years.
• Wells Fargo signed a 50,000-square-foot lease at One Flagler for its wealth-management business.
• One Clearlake sold for about $55.3 million in 2025.
• 205 Datura sold for about $45.7 million in 2025.

Tenant Demand

Finance, wealth management, technology, and professional services support demand. However, county employment data show a mixed picture.

Palm Beach County had 194,496 office-related jobs in February 2025. That was 1.9% below the 2024 peak, but 15.1% above February 2019.

Business and professional services accounted for 18.8% of county employment. Financial activities represented 7%.

Over the year, financial employment grew 0.8%. Meanwhile, business and professional services fell 2.5%, and information jobs fell 6.1%.

Newmark also reported a 0.7% annual decline in office-related employment as of December 2025. Therefore, strong premium leasing does not indicate growth across every office sector.

Palm Beach Gardens Office Leasing

Market Conditions

Palm Beach Gardens is a major suburban office location within this comparison. However, its results depend more on individual leases than those of West Palm Beach.

CBRE’s Q1 2026 figures show 2.08 million square feet of inventory and 8.0% vacancy. Average direct NNN asking rent was $40.36 per square foot.

Occupied space fell by 24,000 square feet during the quarter. The tracked market had no office buildings under construction.

Main Office Locations

Key office areas include PGA Boulevard, RCA Boulevard, and PGA National Commerce Park. Additional Class A buildings sit near US-1.

Examples include 4440 PGA Boulevard, Gardens Innovation Center on Hiatt Drive, and Oakbrook Center East Tower.

Colliers reported that PGA Office LLC bought 4440 PGA Boulevard for $15.85 million in November 2025. MHC Real Estate markets and manages Oakbrook.

The supplied sources did not clearly identify the owner of the Hiatt Drive portfolio. Colliers markets those properties.

New Development and Leasing

The Modern at Palm Beach Gardens is a planned Gatsby Florida project at 11200 RCA Center Drive. Reports describe an approximately 220,000-square-foot premium office tower.

The supplied project reports indicate that pre-leasing had begun, with groundbreaking targeted for 2026. This project will test demand for new premium suburban space.

Recent corporate commitments include:

• AMPERA selected nearly 100,000 square feet across two Gardens Innovation Center buildings for its global headquarters.
• Meta Power Solutions signed a 15,000-square-foot lease at 11400 North Jog Road in Q1 2026.

Tenant Demand

Potential tenants include engineering firms, energy technology companies, finance businesses, and professional service providers.

These businesses may value suburban access, convenient parking, and suitable office layouts. Even so, recent occupancy losses suggest that demand remains selective.

Lake Worth Office Leasing

Market Conditions

Lake Worth is primarily a smaller medical and professional office market. Its leasing patterns differ from premium downtown West Palm Beach.

Newmark’s broader Palm Springs/Lake Worth market provides the nearest brokerage comparison. In Q1 2026, it reported:

• 1.10 million square feet of office inventory.
• 5.2% vacancy.
• 45,050 square feet of positive quarterly net absorption.
• No active construction.
• Average full-service asking rent of $39.21 per square foot.

City Listings Show a Different Picture

CommercialCafe’s 2026 Lake Worth page shows about 973,800 square feet in buildings larger than 50,000 square feet. Average listed rent was about $26 per square foot.

Class B space represented 77.3% of the published inventory. In addition, medical offices accounted for 60% of available listings.

This listing mix suggests a strong role for healthcare and local professional tenants. However, listings alone do not establish completed leasing activity.

Main Office Areas

The supplied sources identify three main clusters:

• Lake Worth Road and The Fountains medical area.
• 10th Avenue North, Tropical Ridge, and Palm Springs.
• Downtown Jewel, Lucerne, and Dixie Highway.

Visible properties include Lake Worth Medical Center, CenterPoint Plaza, Commercial Center, Lake Worth Professional Center, and 32 South Dixie Highway.

Property ownership was not consistently clear in the supplied sources. For example, Lake Worth Medical Center identifies Lincoln Property Company for leasing rather than confirming the owner.

Demand and Transaction Limits

The reviewed sources contained few large completed office leases or sales for Lake Worth over the preceding 18 months. Most public evidence came from active listings.

Therefore, the market appears more focused on local businesses, owner-users, and medical practices than on major corporate relocations.

County employment trends offer some support for this tenant mix. Education and health employment grew 4.7% over the year to February 2025. Government employment grew 2.8%, while business and professional services fell 2.5%.

Lauderhill Office Leasing

Market Conditions

Lauderhill has limited public citywide office data. However, CommercialCafe and Yardi listings provide useful context.

The supplied figures show about 753,900 square feet in buildings larger than 50,000 square feet. About 42,285 square feet appeared across 20 lease listings.

Average asking rent was approximately $22 per square foot. The published inventory consisted of 83.6% Class B and 16.4% Class C space.

Citywide vacancy, net absorption, and construction figures were not available. The listing data should not be used to calculate a citywide vacancy rate.

Main Office Areas and Tenants

Visible office areas include Boulevard West, Boulevard Woods, and Springtree. North University Drive and West Commercial Boulevard are key corridors.

Example properties include Executive University Courts, Promenade Plaza, and Inverness Center. These locations mainly serve smaller professional and local service businesses.

General office is the most common listing type, followed by medical office. As a result, affordability and local convenience appear central to the market.

Ownership details were not consistently available. Title or property appraiser records would be needed to confirm many owners.

County Employment Context

Cushman & Wakefield’s Q4 2025 Broward report showed about 934,000 jobs and 3.5% unemployment.

Other supplied summaries reported annual losses of 1,400 financial jobs and 1,100 professional and business service jobs later in 2025.

This backdrop supports a cautious leasing outlook. Strong rent growth is less certain than steady demand for affordable smaller suites.

Tamarac Office Leasing

Market Conditions

Tamarac also serves local businesses and value-focused tenants. Its published inventory is smaller than Lauderhill’s, but it includes a broader mix of building classes.

CommercialCafe and Yardi report about 668,800 square feet of office inventory. Average listed rent was roughly $21 per square foot.

The published class mix was approximately 8.8% Class A, 59.7% Class B, and 31.6% Class C. Rounding accounts for the total exceeding 100% slightly.

About 70,323 square feet appeared in active listings when the source page was retrieved.

Why the Vacancy Figure Needs Care

Cushman & Wakefield’s Q1 2026 Tamarac/Margate survey covered only 30,256 square feet. It reported 0.0% vacancy and no asking-rent figure.

That survey is too small to represent Tamarac as a whole. Therefore, citywide vacancy, net absorption, and construction remain unspecified.

Main Office Areas and Tenants

Visible office areas include Mainlands, Heathgate, and Mainlands of Tamarac Lake. Key roads include University Drive, McNab Road, and Commercial Boulevard.

Example properties include ASC Global Office Building, Tamarac Commons, The Fountains, Tamarac Point Plaza, and West Broward Executive Suites.

The listing mix suggests demand from small businesses, medical practices, local professionals, and some coworking users. Ownership details require further confirmation through property records.

Affordable rents may help Tamarac attract cost-conscious tenants. However, broader Broward vacancy and employment trends suggest continued competition among landlords.

Leasing Strategies for Landlords

The following recommendations are interpretations of the supplied market data. The best approach will also depend on each building’s condition, location, and current tenants.

West Palm Beach

• Maintain strong amenities and service standards.
• Consider move-in-ready suites for tenants seeking 2,000 to 15,000 square feet.
• Support premium pricing with clear property advantages.
• Plan for competition from new downtown buildings.

Palm Beach Gardens

• Emphasize parking and convenient access.
• Offer layouts suited to professional and technical businesses.
• Highlight outdoor amenities where available.
• Allow for a leasing pace that depends on individual corporate deals.

Lake Worth, Lauderhill, and Tamarac

• Provide practical smaller suites.
• Consider medical and professional office improvements where suitable.
• Keep parking, signage, and maintenance standards strong.
• Offer clear terms and a straightforward move-in process.
• Assess tenant demand before committing to major renovations.

How Tenants Can Choose a Location

Start with your operating needs and total lease budget. Then compare individual buildings rather than relying only on city averages.

• West Palm Beach: Consider it for a premium address, client-facing offices, waterfront proximity, and Brightline access.
• Palm Beach Gardens: Consider it for suburban convenience, parking, and access to Palm Beach County clients.
• Lake Worth: Consider it for medical practices, local service businesses, and smaller professional offices.
• Lauderhill and Tamarac: Consider them for affordable space and neighborhood access.

Compare base rent, operating expenses, parking charges, improvement costs, and lease incentives. A lower asking rent does not always mean a lower total cost.

Six- to Twelve-Month Outlook

This outlook reflects the report’s supplied data, mainly from Q1 2026. It should be updated with newer reports before being presented as a current forecast.

West Palm Beach

West Palm Beach appears best positioned for growth among the five cities. Major tenants, premium buildings, and active development support that view.

However, new supply could slow rent growth and increase competition for large tenants.

Palm Beach Gardens

Palm Beach Gardens should remain attractive to selected corporate users. AMPERA’s headquarters commitment supports this outlook.

Even so, recent occupancy losses create uncertainty. The Modern will need to attract enough tenants to justify additional premium space.

Lake Worth

Lake Worth appears positioned for a steadier local market. Limited reported construction and its medical office mix support that view.

Rent growth may be modest. Performance will depend on suitable layouts, access, and demand from local tenants.

Lauderhill and Tamarac

Lauderhill and Tamarac may remain relatively favorable to tenants. The supplied sources show limited evidence of broad market tightening.

Individual upgraded buildings could still achieve stronger rents. However, that does not establish pricing power across either city.

Data Gaps and Limitations

Public office reporting is uneven across these cities. The following gaps limit direct comparisons:

• Lauderhill lacks confirmed citywide vacancy, absorption, and construction figures in the supplied sources.
• Tamarac’s brokerage survey covers too little space to represent the city.
• Lake Worth’s main brokerage figures include Palm Springs and other nearby areas.
• Large completed Lake Worth transactions were scarce in the reviewed material.
• Many building owners require confirmation through title or property appraiser records.
• The research providers cover different building sizes, classes, and uses.

Use these findings as market context rather than a fully standardized benchmark. For a leasing decision, confirm current availability, lease terms, property details, and recent comparable deals.

Office Leasing Support

For help leasing office buildings larger than 30,000 square feet, contact Richard Lee Armstrong at Highlight Realty to discuss your property and marketing needs.

You can also visit OfficeLeasingInc.com to explore office leasing services.