Updated Oct. 8, 2026.
Palm Beach County has more than 1.4 million square feet of office space under construction as companies from other states relocate, a trend local executives tie to differences in tax policy and business predictability between states.
Breaking National Trends with a 400% Construction Boom
While office development nationally sits near a 14-year low, Palm Beach County developers are accelerating construction. Commercial real estate publication Bisnow reported Cushman & Wakefield Q1 2026 data showing that Palm Beach County has more than 1.4 million square feet of office space under construction. This volume represents a year-over-year increase of more than 400%.
This development pipeline ranks Palm Beach County fourth in the nation for total office space under construction, trailing only Midtown Manhattan, Dallas, and Los Angeles. Local demand keeps vacancies low. The county office vacancy rate stood at 13.5% at the end of the first quarter of 2026, well below the national average of 20.2%.
Corporate relocation figures support this construction surge. JLL data show that 74 companies moved their headquarters to Florida between 2020 and 2025, the highest total in the country. Four more relocated to the state in January and February 2026, according to a Bisnow analysis.
Tax Policy and Business Predictability
Local real estate executives point to tax policy in traditional corporate centers as one factor in the moves. "You look around the country, you see California, Washington, New York, Massachusetts: They're talking about wealth taxes, they're talking about political actions that create uncertainty or unpredictability for business growth," Jordan Rathlev, executive vice president of Related Ross, told Bisnow in June 2026.
Related Ross is the firm Stephen Ross formed in July 2024 by carving Related Companies' Southeast division into a separate company, The Real Deal reported. Rathlev said that of the 150 leases Related has signed in the Palm Beach area over the last five years, 85% were relocations from out of state.
In Miami, Citadel began construction in 2026 on a supertall office tower in Brickell, and CEO Ken Griffin has said the firm will focus on Miami, Bisnow reported.
Tech and Financial Anchors Establish Deep Local Roots
Major corporate tenants have also chosen the West Palm Beach core. Cloud computing firm ServiceNow announced in September 2025 that it will occupy up to 200,000 square feet at 10 CityPlace for a regional innovation hub and AI Institute, with more than 850 jobs planned through 2030. The expansion is supported by about $17 million in incentives, including about $15 million from the state and $2 million from West Palm Beach. The city grant is contingent on ServiceNow hiring 856 employees within six years, The Real Deal reported. ServiceNow is based in Santa Clara, California.
Financial firms are establishing similar hubs. Wells Fargo signed a 50,000-square-foot lease at One Flagler, located at 180 Lakeview Avenue, to serve as the headquarters for its Wealth & Investment Management division. About 100 people, mostly senior executives in the wealth unit, will relocate to the office by the end of 2026, Insurance Journal reported. Portions of the division's leadership will remain in Charlotte, St. Louis, and New York.
Demand for premium space extends to Miami. On June 4, 2026, The Real Deal reported that Peter Thiel's family office, Thiel Capital, leased 18,158 square feet on the 44th floor of 830 Brickell at about $250 a square foot, a Miami office rent record.
A Broader Regional Pipeline
The construction pipeline extends beyond Palm Beach County. Another 500,000 square feet of office space is under construction in Miami, Bisnow reported.
Property taxes are also on the state agenda. In June 2026, the Legislature passed a proposed constitutional amendment on property taxes, CS/HJR 1F, which goes to voters; if approved, it would take effect Jan. 1, 2027. Owners weighing new office supply should confirm current vacancy, rents and delivery dates for specific buildings with a broker.
Sources
- Bisnow: politics, leasing and construction in Palm Beach (June 4, 2026)
- Cushman & Wakefield: Palm Beach office MarketBeat, Q1 2026
- The Real Deal: Steve Ross launches West Palm firm (July 2024)
- ServiceNow: West Palm Beach expansion (September 2025)
- The Real Deal: ServiceNow leases at 10 CityPlace (September 2025)
- Insurance Journal: Wells Fargo wealth unit moves to West Palm Beach (January 2026)
- Bisnow: Wells Fargo lease at One Flagler
- The Real Deal: Thiel Capital lease at 830 Brickell (June 4, 2026)
- Florida Senate: CS/HJR 1F (2026 special session)
Related reading: Kengo Kuma's MIRAI Design District Secures $85M Loan; Miami Worldcenter Land Hits Market, Bids Seen Over $100M; Uptown Fort Lauderdale Rezoning Sparks 7,000-Unit Wave.
Key Facts for Owners and Search
How much office space is under construction in Palm Beach County?
More than 1.4 million square feet, up more than 400 percent from a year earlier, according to Cushman and Wakefield first quarter 2026 data reported by Bisnow. Only Midtown Manhattan, Dallas and Los Angeles had more office space under construction, while office development nationally sits near a 14-year low.
What are vacancy rates?
Palm Beach County's office vacancy rate was 13.5 percent at the end of the first quarter of 2026, compared with a national average of 20.2 percent, according to Cushman and Wakefield. Another 500,000 square feet of office space is under construction in Miami, Bisnow reported, adding supply across the region.
How many corporate headquarters have moved to Florida?
JLL data show 74 companies moved their headquarters to Florida between 2020 and 2025, the most of any state. A Bisnow analysis counted four more in January and February 2026. Related Ross said 85 percent of the 150 leases Related signed in the Palm Beach area over five years were out-of-state relocations.
Which tenants are named?
ServiceNow will occupy up to 200,000 square feet at 10 CityPlace for an innovation hub and AI Institute, supported by about $17 million in state and city incentives. Wells Fargo leased 50,000 square feet at One Flagler for its Wealth and Investment Management headquarters, with about 100 people relocating by the end of 2026.
What should local owners confirm?
Lease rates, delivery dates and tenant availability for specific buildings, since the figures come from broker data and press reports. The Legislature passed a proposed property tax amendment, CS/HJR 1F, in June 2026; it goes to voters and would take effect Jan. 1, 2027 if approved. Check current data with a broker.
