BUSINESS
PALM BEACH COUNTY
PALM BEACH COUNTY BUSINESS
In the Know From the CEO page 2
Office and Industrial Snapshot page 3
New Communities Reshape County’s Future page 6
The Palm Beaches: A County in Motion page 10
Economic Development Sites page 13
News & Events
Turning the National Spotlight on The Palm Beaches, and Out and About in Wall Street South page 15
CareerSource Palm Beach County Business Solutions page 16
From the CEO
Developing Opportunities
WHEN HENRY FLAGLER and early pioneers arrived at what became the Palm Beaches, their goal was as much about pursuing quality of life as creating business opportunities. More than 130 years later, developing opportunities in business and life are still central to the vision that the region’s founders instilled generations ago.
This can be seen in every corner of Palm Beach County, where transformative development continues to reshape the marketplace. From Boca Raton, the quintessential business and lifestyle destination, to downtown West Palm Beach, the nexus of the Wall Street South movement, investors and developers are putting a fresh, new stamp on these timeless communities.
Beyond the picturesque allure of the Atlantic coastline and business centers, the county continues to stake its claim as a center of global trade. Connected to the world by South Florida’s six international airports and seaports, as well as major railways and highways, we’re seeing warehouse, industrial and office space rise to meet a growing appetite for commerce. The demand is so clear and convincing, the Business Development Board of Palm Beach County has created a database of real estate being planned, developed and delivered throughout the county.
This issue of Quarterly highlights the evolving destination that is Palm Beach County. In a word, we are “balanced.” Work and life are in equilibrium here. Whether for the job opportunities, the business markets, or just a home in the sunshine, people are moving here for the quality of life and an attraction to the vibrant community early visionaries sought and today’s developers continue to build upon.
We thank our County Commissioners, community partners, our BDB members, and stakeholders who help advance our message and mission. Together we’re developing opportunities for today—and into the future.
Business Development Board of Palm Beach County, Inc. 310 Evernia Street
West Palm Beach, FL 33401 561.835.1008 | bdb.org
Kelly Smallridge President & CEO
561.835.1008 Ext. 4121 ksmallridge@bdb.org
Lisa Anderson Vice President – Private Funding 561.835.1008 Ext. 4110 landerson@bdb.org
Tim Dougher Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4131 tdougher@bdb.org
Kristen Liberman Vice President – Marketing & Media Relations 561.835.1008 Ext. 4106 kliberman@bdb.org
Shawn Rowan Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4108 srowan@bdb.org
THE PALM BEACH COUNTY BOARD OF COUNTY COMMISSIONERS (BCC) adopts ordinances to establish policies and programs aimed at protecting the health, safety and general welfare of residents. The BCC works to resolve major problems facing local government and guides growth and development. In addition to efforts provided by the Department of Housing and Economic Development, the county works closely with local boards and committees to create job growth incentives and strengthen economic development.
PUBLISHED BY
Passport Publications | passport media group 1555 Palm Beach Lakes Blvd., Suite 1550 West Palm Beach, FL 33401 561.472.8778 | PassportPublications.com
Palm Beach County Business Quarterly is published by Passport Publications & Media Corporation, on behalf of the Business Development Board of Palm Beach County, Inc. All rights reserved. No part of this publication may be reproduced without the expressed written consent of the Business Development Board of Palm Beach County, and the publisher. © 2025 Passport Publications & Media Corporation
Office and Industrial Snapshot
STABLE OR GROWING RENTS, DROPPING VACANCIES, STRONG
DEMAND and surging construction present a snapshot of a healthy Palm Beach County office and industrial marketplace. As you’ll see in the stats below from real estate brokerage CBRE, the market is on the rise. Developers have delivered 3.4 million square feet of industrial space since 2023, and an additional 727,179 square feet remains under development.
The newly built office buildings, One Flagler and 300 Banyan, contributed significantly to the county’s office growth, CBRE notes. Since 2020, central business district (CBD) Class A office inventory has grown by 34%.
“Palm Beach County has a near perfect mix of catalyzing factors that make it uniquely positioned for further development opportunities,” said Josh Bank, executive managing director of CBRE | Florida. “With demographic strengths, a diverse array of business offerings, and lifestyle perks, the region stands out as a premier market for commercial and industrial growth.”
INDUSTRIAL OVERVIEW
Demand remains strong despite surge in new construction
Total Vacancy (Q4 2024) DOWN
Source: CBRE
NEW TRENDS:
Top ZIP Codes for Employment Location:
n 33431: 50,188 jobs
n 33401: 35,611 jobs
n 33487: 34,604 jobs
n 33411: 32,317 jobs
n 33458: 32,074 jobs
Top ZIP Codes for Workers’ Residences:
n 33411: 38,845 workers
n 33463: 31,018 workers
n 33414: 30,859 workers
n 33458: 29,857 workers
n 33467: 28,072 workers
Source: Lightcast Q4 2024 Data Set - lightcast.io
OFFICE OVERVIEW
Palm Beach 2024: New Premium Office Deliveries and Mixed Absorption Trends
DOWN 813,100 SF NNN / Lease Rate UP $36.49
Source: CBRE
MIGRATION
(INBOUND & OUTBOUND)
Inbound Migration:
n Broward County, FL: 11,520 people n Miami-Dade County, FL: 4,042 people n Nassau County, NY: 1,735 people n St. Lucie County, FL: 1,525 people n Suffolk County, NY: 1,362 people
Outbound Migration:
n Broward County, FL: 8,235 people
n St. Lucie County, FL: 5,895 people
n Miami-Dade County, FL:
n Martin County, FL:
people
n Orange County, FL: 1,473 people
Source: Lightcast Q4 2024 Data Set - lightcast.io
Josh Bank Executive Managing Director of CBRE | Florida
Reshape County’s Future NEW COMMUNITIES
TO SEE DEVELOPMENT IN ACTION, just look around the Palm Beaches. Markets across the county are evolving to meet the lifestyle and business demands of a global destination.
CityPlace
AT HOME IN THE CENTER of West Palm Beach, CityPlace continues to deliver a uniquely different downtown experience.
Among the new dining and retail destinations are Maman, Bluemercury, Harry’s, Adrienne’s Felice, Il Bellagio and Cheesecake Factory. Restaurants and retail to come online this year are Eataly, Moxie’s, Ela Curry & Cocktails, Mango Mercado, Alo, Crate & Barrel, Equinox and Perigold.
Seasonal and limited-time pop-ups include CityPickle pickleball courts (through February); SoulCycle (through April); and ZenHippo children’s programming (through March).
“New developments at CityPlace prioritize walkability and community engagement while maintaining the city’s unique character,” said Kenneth A. Himmel, president of developer Related Ross. “We’ve also brought many firsts to the dining scene, fostering a lively atmosphere, and our diverse retail offerings cater to a variety of tastes.”
The Nora District
THE NORA DISTRICT (for North Railroad Avenue) is a vibrant, pedestrian-friendly destination in downtown West Palm Beach that is curated with best-in-class food and beverage establishments, boutique fitness and wellness, lifestyle retail and creative office experiences.
Developed by NDT Development, Place Projects and Wheelock Street Capital, NORA will become a destination for greater Palm Beach County. Phase 1 will open in 2025, reimagining several former industrial buildings to provide 150,000 square feet of distinct commercial space and a linear park.
Corporate Campus in Boca Raton
LOCATED at 901 Peninsula Corporate Center is a rare leasing opportunity at one of Boca Raton’s most prestigious campus facilities, hosting NCCI’s corporate headquarters. Offering 105,000 sq. ft. within a stunning 310,000 sq. ft. property, this exclusive space combines luxury and functionality with an array of premium amenities designed to foster productivity and work-life balance.
Located in the heart of Boca Raton, this dynamic environment positions your business for success. Plus, with 18 acres of expansive grounds, there’s ample room for future growth and development.
Confirmed retailers include Loco Taqueria & Oyster Bar, New York City’s H&H Bagels, Van Leeuwen Ice Cream, New York City’s The Garret Group, Juliana’s Pizza, West Palm Beach’s Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Mint, The Spot Barbershop, Sana Skin Studio, IGK Salon, Indaco, and West Palm Beach’s ZenHippo, as well as boutique fitness brand [solidcore], with more to be announced. A future phase will include office, retail and residential offerings and The Nora Hotel, a 201-key
Wellington Equestrian & Golf Club
THE PRIVATE RESIDENTIAL resort club community from investor Tavistock Development Company will offer luxury real estate and modern amenities. The 400-acre development will feature a combined 250 townhomes, condominiums, golf villas, luxury estates on property up to an acre or more, and five farms on four-acre parcels. New residences will be ready around 2027. It also will see a Pete Dyedesigned, 18-hole championship golf course, as well as full club and wellness facilities. A marketplace will feature a walkable main street with a luxury boutique hotel and Class A office space.
PEBB ENTERPRISES is transforming the iconic Office Depot headquarters into 6600 N. Military Trail—a 29-acre mixeduse destination integrating office, retail, residential and recreational spaces.
Proposed elements will include almost 500,000 square feet of office space, retail/restaurant offerings, and gym and fitness amenities. Fifty of the 500 residential units will be designated as affordable housing. The result will be a multi-functional destination for Boca Raton and Palm Beach County, stated Eric Hochman, chief Investment officer with PEBB Enterprises.
“Our vision for 6600 N. Military Trail is to unlock the vast potential of this incredible site by creating a vibrant mixed-use environment that drives new businesses, residents and visitors,” he said. It will be “a dynamic, self-contained destination with modern, complementary elements.
boutique hotel developed in partnership with BD Hotels and Sean MacPherson.
“The Nora District will be a community gathering place where people can create their own lifestyle experience,” said Damien Barr, co-founder and managing partner of NDT Development. “Our goal with Nora is to introduce modern, urban living while preserving the historic charm and character that makes West Palm Beach unique.”
Office Depot / Boca Raton
The Palm Beaches: A County in Motion
FOR WORK, PLAY AND LIVING, Palm Beach is an amenity-rich lifestyle destination. A short list of our most recent news shows how business and pleasure coalesce seamlessly in the sunshine. Constant movement solidifies our brand as “Wall Street South” as companies continue to grow in paradise. It’s not just financial firms, it's an overall movement.
Related Ross' iconic One Flagler tower in downtown West Palm Beach has landed several tenants including Greek Restaurant Estiatorio Milos in a 10,000-square-foot space on the ground floor. Additional companies include...
n Bessemer Trust, a 117-year-old investment management firm with $200 billion in assets, relocating from its Palm Beach office by 2025.
n Baron Funds, a New York asset management firm with $43 billion in assets, opening its first South Florida office.
n Paulson Capital, the f inancial services holding company founded by billionaire hedge fund manager John Paulson, is establishing its first South Florida office.
n Lancer Capital LLC, the f inancial investment office for the Glazer family, owners of the Tampa Bay Buccaneers, opened an office in West Palm Beach.
n Highpost Capital, a private equity investment firm headquartered in West Palm Beach, moving from the Related Cos’ Esperanté Corporate Center.
n The Johnson Family Foundation LLC, a nonprofit that will share space with 108 Management Inc. and the Betty Wold Johnson Foundation.
To the south, Boca Raton Innovation Campus (BRIC), the birthplace of the IBM PC, recently signed several significant leases, broadening its tenant and industry base:
n ABC Preschool (9,965 square feet)
n Brandon Hall Group, LLC (2,707 square feet)
n Coastal Waste & Recycling (31,530 square feet)
n Legacy Healing Center Margate, LLC: (23,630 square feet)
n Lifelong Learning Administration Corporation (3,316 square feet)
n Takahami Billing, LLC (10,058 square feet)
n Twinlabs Consolidation (1,433 square feet)
n US Claims (13,519 square feet)
n Verizon (12,965 square feet)
Banyan & Olive, a boutique, ground-up Class A office building led by developer Brand Atlantic boasts 115,000-square-feet of expansive space. Companies recently making 300 Banyan their new address include Dycom Industries, Alvarez & Marsal Capital, and greek restaurant Kyma
BAC Fabrication and BAC Consulting
Bee Access
One Flagler
300 Banyan
Bee Access: Bee Access , a leader in scaffolding equipment manufacturing and distribution, is expanding its footprint in West Palm Beach with the addition of a new, 12,500square-foot building, increasing total operations to 33,000 square feet across seven buildings. This expansion will create 20 new jobs, retain 65 existing positions, and involve a $4.1 million investment, driving both local growth and opportunity. The BDB played a vital role in this success, providing critical support through expedited permitting and workforce development with CareerSource Palm Beach County.
Celebree School: Celebree School, a nationally recognized brand in early childhood education, is expanding its reach. It will open a new facility at 5800 S. Dixie Highway in West Palm Beach, in partnership with Sympatico. The new 8,800-square-foot facility will create 30 new jobs, furthering Celebree’s mission to provide quality education and care to young learners. The BDB played a key role in supporting this exciting growth by connecting Celebree with local investors and educational leaders, and providing vital research services to ensure its success.
Cleveland Clinic: Cleveland Clinic is expanding health care services and improving access to exceptional care. The new outpatient facility will significantly increase space and offer services such as chemotherapy, imaging, endoscopy and outpatient surgery. Cleveland Clinic also is acquiring land for a new hospital in West Palm Beach featuring 150 inpatient beds, an emergency department and an ambulatory surgery center. This expansion will strengthen the connection between Cleveland Clinic’s Florida locations and enhance care throughout the region.
HOERBIGER: HOERBIGER Corp. of America , a Switzerland-based manufacturer, is relocating its North American headquarters to a 23-acre site west of Delray Beach. The company will invest $60 million to build a 197,000-square-foot manufacturing facility that will operate 24/7, creating more than 400 jobs with annual salaries topping $75,000. This move will position the company at the forefront of innovation at the southeast corner of State Road 7 and West Atlantic Avenue.
Ice Skating Facility: The Palm Beach Gardens North Athletic Foundation has launched a $40 million project for an ice skating facility that will include two National Hockey Leaguesize rinks, a restaurant, sports bar, retail store, training space, academy space and medical space.
PopStroke:
PopStroke has officially unveiled its flagship location in West Palm Beach beside Palm Beach International Airport. This venue is the largest of its kind and marks the company’s seventh location in Florida—on its way to 200 nationally. Co-owned by Tiger Woods, Greg Bartoli and TaylorMade Golf, it spans over 20,000 square feet across two stories and features a full-service restaurant with both indoor and outdoor dining, an ice cream parlor, multiple bars with large-screen TVs, an outdoor patio gaming area, a beer garden and a fully enclosed children’s playground.
TGL: TGL, the innovative indoor golf league co-founded by Mike McCarley, Tiger Woods and Rory McIlroy, officially launched at the SoFi Center on the campus of Palm Beach State College in Palm Beach Gardens. This modern venue is expected to draw professional golfers and fans from across the globe as it ushers in a new era for the sport. The league consists of six teams, each representing a major city—Boston, Los Angeles, New York, the Bay Area, Atlanta, and Tiger Woods’s hometown team, the Jupiter Links. Covering 250,000 square feet, the SoFi Center’s indoor links are a game-changer for the sport, a job creator for the local workforce, and a learning hub for students at Palm Beach State College.
PopStroke
SoFi Center
Ice Skating Facility
Cleveland Clinic
HOERBIGER Corp. of America
Celebree School
UPCOMING DEVELOPMENT
Building B 236,080 SF
Building C 53,914 SF
Building D 370,892 SF
Building E-1 188,637 SF
Building E-2 128,426 SF
Building F 305,784 SF
Building G 52,234 SF
Parcel H 1.99 Acres
For more information and availabilities, please contact:
CHRISTOPHER THOMSON, SIOR
Executive Managing Director + 1561 227 2019 christopher.thomson@cushwake.com
CHRIS METZGER
Executive Managing Director +1 954 415 9155 chris.metzger@cushwake.com
CUSHMAN & W AKEFIELD OF FLORIDA,LLC
225NE Mizner Boulevard, Suite300 Boc a Raton, FL 33432| USA cushmanwakefield.com
DISCOVER
Building A 15430 Corporate Road North
303,364 SF Class A Industrial for Lease
Home to tenants such as Amazon, Walgreens, and Niagara Bottling, Palm Beach Park of Commerce is a fully-served premier commercial and industrial MasterPlanned Business Park.
Centrally located in the heart of pres tigious Palm Beach County, the Park provides easy access to the region’s extensive transportation network, including major highways and airports. In one of the nation’s strongest growth regions, the Park is also one of the few premier business locations that offers rail service, foreign trade zones, heavy industrial options, plus a direct link to the Port of Palm Beach.
Economic Development Sites
THE PALM BEACHES serve as a dynamic center for innovation. These properties reflect the county’s continued evolution, as well as many more featured in the BDB’s Economic Development Sites report. Scan here to view.
Here just a view from the full report:
Palm Beach Gardens Innovation Center
(Palm Beach Gardens). The Gardens Innovation Center is a corporate home in a nexus of connectivity. It has available office and industrial warehousing space with ample parking— all in a suburban business park setting.
6600 N. Military Trail
(Boca Raton). The former Office Depot headquarters site, on a sprawling 29-acre campus, will feature more than 250,000 square feet of office space available. The site plan from developer PEBB was recently approved to also include retail and housing components - while still retaining tenant Office Depot’s corporate headquarters.
515 Fern
(West Palm Beach). Anticipated to be the biggest office building in downtown West Palm Beach, this 25-story tower will encompass more than 740,000 square feet of office and retail space. A new road connecting Evernia to Fern streets will run parallel to the Brightline station. A pedestrian pathway will provide easy access from the station to The Square, a 25-story, 471,000-square-foot Class A / mixed-use tower.
Morningstar Commerce Center
(Delray Beach). Currently under construction, this four-star industrial warehouse adjacent to Florida’s Turnpike will deliver 600,000 square feet. Smaller bay suites in the 5,000- to 20,000-square-foot range will make it ideal for smaller, momand-pop manufacturers, distributors and wholesalers.
Avenir – Parcel C, 50 Acre Economic Development
(Palm Beach Gardens). Avenir Holdings has a dedication of 50 acres to the city of Palm Beach Gardens for possible development to accommodate up to 500,000 square feet of economic development.
360 Hiatt Drive
(Palm Beach Gardens). Exclusive sole-occupancy opportunity for the entire building or a generous 20,000 square feet full-floor space.
Palm Beach Gardens Innovation Center
6600 N. Military Trail, Boca Raton
Morningstar Commerce Center, Delray
360 Hiatt Drive, Palm Beach Gardens
Avenir – Parcel C, Palm Beach Gardens
515 Fern, West Palm Beach
Welcome to the Warmer Side of Care.
There are many sides of care at Baptist Health. And each one stays true to our values. Bringing humanity, warmth and understanding to every person that comes through our doors. Which is why we’re here to stand by you, through all of life’s moments. Welcome to Baptist Health.
The BDB— Your Economic Development Partner
LOOKING TO GROW in Palm Beach County? The Business Development Board is here to help. As Palm Beach County’s leading economic development agency, we offer dynamic, complimentary services for companies looking to relocate or expand. Working handin-hand with local brokers and site consultants, we provide unmatched support to help businesses succeed:
n Site inventory on available industrial buildings, land and office space through a state-of-the-art computerized tracking system.
n Site tours personally conducted by our Business Relocation and Expansion Staff
n Connection to grants, assistance and financial incentives available through the State of Florida, Palm Beach County and local municipalities; and permitting, zoning and regulatory guidance.
n Introductions to CareerSource Palm Beach County employee-training programs; elected officials and local business leaders; banks, law firms, employment agencies, accounting firms and other potential partners
n Data and Resources (housing and cost of living; local buyer and supplier information; demographics and labor market information; available services and rates for utilities, communication and transportation)
n We also deliver tailored technical presentations customized for specif ic location requirements; and tours for families that explore recreational and cultural amenities and our public, private and parochial grade school to university educational institutions.
n Tailored technical presentations
n Connections to PreK - 12 private and public educational offerings as well as all local colleges and universities
To learn more about Palm Beach County’s educational offerings, scan here:
News + Events
Turning the National Spotlight on the Palm Beaches
HEY NYC, BOSTON, CHICAGO… Palm Beach County has a message for your employers and talent: “It’s not you, it’s me.”
Expanding on its wildly popular and trademarked “Wall Street South” branding campaign, the BDB launched a new salvo in key markets to solidify the area as the official Wall Street South.
Talent Campaign...
If you’re reading this from someplace other than the Palm Beaches, discover how “your future self will thank you” from a national campaign to attract young professionals. The BDB, in partnership with Palm Beach County, launched a Talent Optimization Strategy equipped with a plan to retain talent locally, and attract it from the nation.
Out and About in
Wall Street South
BDB Executive Committee
BDB Emerging Leaders Task Force
American Heritage School Students
Top Palm Beach County Brokers
STACY-ANN LEWIN HUNTER had honed her career in human resources for years. After a recent job loss, she arrived at CareerSource last year eager to make her next career move.
After an interview with career consultant Angeline Brutus, they began to hone Lewin Hunter’s work profile and pitch. They removed her MBA and post-graduate work from her resume to not position her as overqualified. They also performed job interview preparation. At the same time, Brutus referred Lewin Hunter to supporting services for herself and her young son.
“Ms. Brutus gave me a different perspective on the job-hunting approach,” Lewin Hunter recalled. “She called me often, and she recommended me to a few companies.”
After Lewin Hunter’s refreshed resume was added to the 5520 Smartsheet used by the CareerSource recruiters, senior recruiter Robin Parsons found that her pro manager position at Look Up Therapy. Parsons “interviewed” Lewin Hunter and was convinced her work ethic and “people person” skills would make her a fit.
Soon after the new year, Lewin Hunter started her new job.
“There were other candidates, but I was the chosen one,” she said. “I went to CareerSource in search of a job but not just any job. I knew I was equipped with the knowledge, skills and understanding to land a managerial position. I am loving my job and my work environment. I would recommend CareerSource to all job seekers.”
CareerSource Palm Beach County’s full-service centers are staffed with career consultants who are dedicated to serving first-time, experienced and professional job seekers. The services include career consulting, computers for job searches, internet access to our statewide jobs database Employ Florida, job search and placement services, workshops, training opportunities, work assessments and more. To learn more, go to careersourcepbc.com.
Situated at the ga shines a light on o commercial cente state-of-the-art i
IN GOOD COMPANY: A tewayto Palm Beach Island pportunities forthe brighte r.This iconic, flagship devel nfrastructure, innovative am
SELECTION OF ONE FLAGLERTEN A and connecting West Palm’s st talent to make their mark opment redefines the workp enities and supreme hospita
For
easing inquir l For GRE ries: AN JONBBLUNK
GKUHLMA
GKUHLMAN R (646) 634-9606
CRE edelat
JONBL T (561) 288-9556
past and future, One Flagler at Florida’s most up-and-coming lace through sophisticated design, lity.
For leasing inquiries: GREG KUHLMAN Related Companies JON BLUNK TCRE oneflaglerwpb.com
gkuhlman@related.com
jblunk@tcrefl.com
ants and bars, an restaur redesigned rooms and suites, ins er a reimagined coastal destin adise in the palm of y Paar P
nd more. spired oceanfront nation with beautifully our hand.