• Palm Beach County’s sales tax rate on commercial property leases, dropped 20 basis points (bps) to 6.8% which includes a surtax rate of 1.0%.
  • Rents are climbing throughout South Florida, which bodes well for developers planning new office projects.
  • The ability to negotiate on lower rental rates and concessions have lessoned as the office sector has tightened over the last two years because of limited new supply and stable leasing activity. 
  • Landlords and investors remain optimistic as office absorption continues to grow.