of Palm Beach County Airports, Palm Beach International Airport

PASSENGER TRAFFIC AND LOGISTICS are flying high at PBI. Among its accolades, the county’s international airport:

• Serves more than 6.5 million total passengers, with an 8% increase this fall over the year 2019 levels.

• Offers nonstop service to more than 30 locations.

• Was named 5th Best Airport in the U.S. in Conde Nast 2022 Reader’s Choice Awards, 5th Best Domestic Airport in Travel + Leisure Magazine’s 2022 World’s Best Awards, and 7th Best Medium Airport in the 2022 J.D. Power North America Airport Satisfaction Survey.

• Is ranked “Best in the U.S.” for Shortest Overall TSA Wait Times by U.S. Customs and Border Protection.

“As travelers return to the airways,” Beebe says, “PBI continues to provide an easy, convenient, less stressful experience for business and leisure passengers.”

ECONOMIC DEVELOPMENT PERSPECTIVE BY THE NUMBERS:

The Business Development Board of Palm Beach County continues to spearhead economic development activity across the Palm Beaches. The numbers tell the story:

• 140 companies have relocated to or expanded in Palm Beach County over the past five years.

• $1.12 billion has been invested back in Palm Beach County’s economy from that activity.

• 13,110 direct jobs have been created.

• 33 companies have grown within the past year, creating 2,502 high-salary jobs.

• $362.5 million was invested back into Palm Beach County as a result of the total capital investment created.

• Palm Beach County has 50 million square feet of existing office space—with 1.5 million square feet of Class A space under construction.

• Palm Beach County has 19.8 million square feet of existing industrial space with an additional 1.6 million square feet under construction.

Burt Minkoff, Senior Director of Luxury Sales Douglas Elliman

Burt Minkoff, Senior Director of Luxury Sales Douglas Elliman

In the ultra-high end of the market, led by Palm Beach, 4th quarter volume 2022 is down but the prices were up 64% in Palm Beach. Other luxury markets in Palm Beach County followed a similar trend with prices up 30-40%, said Burt Minkoff, senior director of luxury sales with Douglas Elliman Real Estate.

Listing inventory is increasing, and we are starting to see price reductions with homes on the market taking longer to sell. However, inventory is still tight. Palm Beach and West Palm Beach have double the homes on the market as this time 2022, which is about 50% less than a balanced market in both communities.

Interest remains strong for new buyers, but the urgency accelerated by COVID has dissipated. Remember, many of the new office buildings will not be finished until 2024-2025, delaying new people moving down.

Volatility in the stock market, inflation, mortgage rates, and the loss of long-term homestead tax savings as affected the inter-market trading. People are staying in their homes longer to keep their low taxes and low interest rates.

2023 will be more of a traditional real estate market with lower prices and homes taking longer to sell.