2020 Industrial Market Report PALM BEACH 2Q 2020

6.7M Domestic & International Passengers

2.3B Visitor Spending

48,000 Airport Jobs

183,500 Aircraft Operations

PalmBeach International Airport Palm Beach International Airport, centrally located in West Palm Beach, is one of the largest medium-hub airports in the United States. PBIA underwent a major $150 million expansion in 1988, with a new state of the art terminal building dedicated as a truly superb example of a user friendly, congestion free, modern airport, and including the construction of a new 560,000-square-foot terminal with 28 gates and the potential for 24 more in the future. The 560,000 square foot terminal includes a concession mall which runs the length of the building. Other features include three passenger concourses and holding areas. A new beautifully landscaped roadway system leads to separate levels at the terminal for arriving and departing passengers. Palm Beach International Airport is conveniently located to serve the air trade area of Palm Beach County and the four surrounding counties. The airport is located 2.5 miles west of downtown West Palm Beach and just 3.5 miles west of Palm Beach. PBIA is situated adjacent to I-95 and is accessible from anywhere in Palm Beach County. Boca Raton is approximately 20 miles south and Jupiter is only 15 miles north. Palm Beach international Airport has 1,100 short term parking spaces and 5,500 long term spaces and over 3,000 Park and Ride spaces. A major new feature is the Customs and Immigration facility which is capable of handling 300 passengers per hour and aircraft up to the size of B747-400, private aircraft maintenance, air cargo and international air. Twenty airlines currently offer scheduled flights from PBIA to destinations throughout the continental United States, and direct international flights are available to the Bahamas and Canada. On average, more than 6 million people a year pass through PBIA. Commercial airlines, including commuter aircraft, fly in and out of the airport about 70,000 times a year. General aviation, freight and other flights average nearly 113,500 a year, Approximately 19,000 tons of cargo pass through PBIA annually. Palm Beach County also offers three local commercial/executive airports: • Glades Airport is Palm Beach County’s designated recreational airport, located three miles southwest of Pahokee and 35 miles west of West Palm Beach. It is popular for flight training for both fixed wing and helicopters. Glades Airport is also designated to support FAR 105 Parachute Operation. • Palm Beach County Park Airport (LNA) is located in Lantana and is six miles south of PBIA. LNA is a reliever airport focusing on the general aviation reciprocating and turbine driven aircraft. LNA is a busy airport with a mix of both fixed-wing and helicopters, and six runways. • North County General Aviation Airport (F45) is set on 1,832 acres, with over 1,100 being dedicated to environmental preserves that surround the airport. It is a designated reliever for PBIA and serves both reciprocating engine and jet aircraft.

$6B Economic Impact

19,000 Cargo Tons

Source: pbia.org

The Industrial market was stagnant for March and April. Covid 19 caused many companies to hit the pause button on their expansion

needs. Toward the end of May, prospects started peeking out from under their blanket. In June, we started to see a good pick up in property showings, request for proposals, and lease negotiations. We feel the pent demand for space will explode once we get past the initial fear of the virus and the economy fully opens back up. - Chris Metzger

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