This is the recurring read on what’s actually trading, leasing, and getting rezoned across Palm Beach County. Less listing-board noise, more of the items that move pricing on the blocks around them.

Office

The headline number is supply. The metro has around 1.6 million square feet of office under construction and vacancy near 11 percent, with Class A asking rents sitting in the high $40s to low $50s per square foot. Financial and professional-services tenants relocating from the Northeast continue to absorb the better product as it comes online. For owners of older Class B stock, the gap between trophy rents and everything else is widening, which is the part of the cycle where repositioning capital starts to pay.

Industrial

Industrial remains the tightest category in the county. A 32,751 square foot, two-building warehouse property off the I-95 Belvedere interchange, less than two miles from the airport, is the kind of asset that rarely sits. Out west, a 34,456 square foot cold storage facility in Belle Glade is coming available for lease around July 1, with roughly 16,000 square feet of dedicated cold storage. Anything near the airport, the interstate, or the agricultural belt with refrigeration trades on scarcity more than on cap rate.

Retail and mixed-use

Downtown West Palm Beach continues to pull retail demand on the back of the residential and office growth around it. The risk to watch is composition. As independent operators get priced out and replaced by national concepts, the corridor gets more polished and less distinct, which matters for any investor whose thesis depends on West Palm Beach feeling different from Brickell.

Zoning and development

A 2.66-acre site at the entrance to Palm Beach International Airport has been moving through zoning, and there is continued activity around a behavioral-healthcare campus in Lantana. The larger story is still the Flagler Drive realignment, where Related Ross and the City of West Palm Beach are working through a plan to shift the roadway inland and replace a six-block waterfront stretch with a park. Those approvals, if they land, reset pricing on the entire North Flagler corridor.

What it adds up to

The county is still in an expansion phase, but it’s a selective one. Office demand is real but concentrated in the top tier. Industrial is scarce and bid accordingly. Retail is healthy with a composition question underneath it. And the biggest single variable, the Flagler Drive park, is a political decision as much as a real estate one. We will track each of these as they move.