West Palm Beach Market Overview
The West Palm Beach market is participating in the expansion of South Florida, which has nearly 6 million residents. The region ranks first in Florida and eighth in the nation for population.
The West Palm Beach market is well-situated for business growth. It’s strategically located in Florida’s favored southeastern Gold Coast corridor.
West Palm Beach is a business, government and cultural hub. The city has the largest business district in the county, the national headquarters for Florida Crystals and FTI Consulting, regional headquarters for international corporations such as Skikorsky Aircraft and Pratt & Whitney Rocketdyne, and offices for leading law firms and financial institutions.
West Palm Beach is also the center of local life, with the central county government offices, main state and federal courthouses, and the county’s convention center. The city hosts SunFest, Florida’s largest waterfront music and art festival with more than 165,000 visitors.
The greater Palm Beach Industrial market is comprised of 60,000,000 square feet, which includes Jupiter, Palm Beach Gardens, Riviera Beach, and Wellington south through Boca Raton. The developed portfolio of holding is comprised of warehouse/distribution, and flex office warehouse. All developments are located along major highways. Large corporations have regional distribution centers include: Walgreens, Frito-Lay, Wal-Mart, Trane Air Conditioning and Brown Distributing.
The West Palm Beach office market has 6 million square feet, slightly more than half of that in the central business district.
The retail market includes a variety of offerings including the outdoor CityPlace; it has restaurants, entertainment, a movie theater and boutiques. A new outlet mall scheduled to open in 2014 on the site of the former Palm Beach Mall. Nearby shopping areas include the upscale Gardens Mall with Saks Fifth Avenue, Gucci and Tiffany, and the world famed Worth Avenue.
Palm Beach County is served by both a major airport and seaport. Palm Beach International Airport serves more than one-half million passengers per year and has extensive private jet service. The Port of Palm Beach handles some 220,000 containers per year.
Palm Beach County is the largest county east of the Mississippi River and has more than 1.3 million residents. The median household income was $52,951 in 2010. Sixty-four percent of the population is age 18 to 64. About 90,000 people are employed in Palm Beach County.
The life sciences have taken root in Palm Beach County, with Scripps (Research Institute) Florida and Max Planck Florida Institute. Both are connected to Florida Atlantic University, which opened its medical school in 2010. West Palm Beach is also home to Palm Beach Atlantic University, Northwood University, and the main campus of Palm Beach State College.
West Palm Beach is a mecca for the arts and culture. The Kravis Center for the Performing Arts presents Broadway tours, orchestras and other live entertainment. The Norton Art Museum and Society for the Four Arts host national-quality exhibits. The region has classical and pops orchestras, an opera company, professional theater and a zoo. The St. Louis Cardinals and Miami Marlins hold spring training in Palm Beach County.
The region has an active business and real estate community, with the Business Development Board of Palm Beach County, Chamber of Commerce of the Palm Beaches, NAIOP South Florida chapter, Commercial Real Estate Women Fort Lauderdale/Palm Beach, Building Owners and Managers Association Fort Lauderdale/Palm Beaches, and suburban chambers of commerce.