Vacancy rose slightly to 12.7% as tenants gave back over 53,000 sq. ft. of space this quarter, the majority of which occurred in Class B assets.
Despite the increase in available space, landlords have held firm on asking rates and from a weighted average perspective they have increased slightly.
The market saw the delivery of 112,000 sq. ft. with the completion of the North Tower at Divosta Towers in Palm Beach Gardens. Subsequently, the complex was purchased from the developer by Gatsby Enterprises for $80 million ($362/sq. ft.).