{"id":4436,"date":"2025-05-05T05:36:33","date_gmt":"2025-05-05T05:36:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=4436"},"modified":"2025-11-12T08:42:38","modified_gmt":"2025-11-12T08:42:38","slug":"west-palm-beach-fla-office-construction-hotspot","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/west-palm-beach-fla-office-construction-hotspot\/","title":{"rendered":"West Palm Beach, Fla., Is Office Construction Hotspot, Bucks National Trend"},"content":{"rendered":"

While office development has slowed across the U.S., West Palm Beach, Fla., kicked off Q1 2025 with a flurry of new projects. Although not ranked among the top 25 U.S. office markets, the southern Florida city broke ground on 1.4 million square feet of office space in early 2025 \u2014 a figure that eclipses many major markets. According to CommercialCafe, this accounted for more than half of all new U.S. office starts nationwide (2.6 million square feet) during the same period.<\/p>\n

Driving much of West Palm\u2019s momentum is Related Ross, the real estate firm led by billionaire and Miami Dolphins owner, Stephen Ross. The company has pledged $10 billion throughout the next decade to transform the city into a \u201clive-work-play\u201d hub with plans for 6 million square feet of new office space, luxury apartments and high-end retail.<\/p>\n

Among the Related Ross projects that broke ground this year, two towers in the CityPlace district \u2014 15 CityPlace (500,000 square feet) and 10 CityPlace (480,000 square feet) \u2014 are set to add nearly 1 million square feet by 2027. Notably, The Cleveland Clinic Florida has signed a 125,000-square-foot anchor lease at 15 CityPlace, which is already reportedly 60% pre-leased.<\/p>\n

Nearby, Related Ross\u2019 newly opened luxury waterfront tower, One Flagler, is reportedly<\/a> 95% leased at rents exceeding $140 per square foot and houses financial firms and Biohaven Pharmaceuticals.<\/p>\n

In other projects, Related Ross is also undertaking a $120 million renovation of the Philips Point office complex, while advanced plans are in place for a $300 million, 400-room Hilton Hotel near the Palm Beach County Convention Center. Construction could begin later this year.<\/p>\n

In an attempt to lure companies to West Palm Beach, Ross is taking on established tech hubs, like San Francisco. According to The Wall Street Journal<\/em><\/a>, he\u2019s presenting the area as an alternative to Silicon Valley, arguing that venture capital and tech firms have grown tired of high taxes, heavy regulation and a less business-friendly climate.<\/p>\n

Boston Leads Active Pipelines, but Size Drops Sharply Since Last Year<\/strong><\/h2>\n

Nationally, office construction has dropped sharply from 50 million square feet in 2022 to just 11.9 million in 2024. Then, by March 2025, projects underway represented just 0.7% of total U.S. office inventory.<\/p>\n

However, as CommercialCafe notes, the slowdown in new supply could bring some relief to owners. Even Boston, which leads the nation with 6.3 million square feet of space under construction, has seen its pipeline drop by more than half compared to this time last year. Austin, Texas, and San Francisco follow with 3.16 million and 3.13 million square feet underway, respectively, both of which are grappling with vacancy rates approaching 30%.<\/p>\n

For more information and a complete analysis of the latest office data, check out\u00a0CommercialCafe\u2019s office report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Although not ranked among the top 25 U.S. office markets, the southern Florida city broke ground on 1.4 million square feet of office space in early 2025 \u2014 a figure that eclipses many major markets.<\/p>\n","protected":false},"author":3163,"featured_media":4437,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-4436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-office-reports"],"acf":[],"yoast_head":"\nWest Palm Beach Defies National Trend with 1.4 million Sq Ft in Office Construction Starts in Q1<\/title>\n<meta name=\"description\" content=\"As the national office pipeline shrinks, smaller markets like West Plam Beach, led by Stephen Ross's $10B investment plan, are some of the busiest in Q1 2025.\" \/>\n<meta name=\"robots\" content=\"index, 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