Business leaders in Florida’s Palm Beach County touted last week the opening of a warehouse for retail giant Amazon for creating hundreds of jobs.
Amazon leases the 96,759-square-foot building at Turnpike Crossing Industrial Park in West Palm Beach. The company has been rapidly expanding its warehouse footprint nationwide to ensure it has a distribution center near major population hubs to keep up with demand for 24-hour shipping.
“The new station powers Amazon’s last-mile delivery capabilities to speed up deliveries for customers in Palm Beach County,” the Business Development Board of Palm Beach County noted in a statement. The facility employs “hundreds” of full-time and part-time workers making at least $15 an hour, the board added.
The Seattle-based e-commerce and media company reported spending $4.7 billion on equipment and property over the third quarter that ended Sept. 30, up 40% from the same time a year earlier. Over the past nine months, the company reported it has spent $11.5 billion on property and equipment.
Palm Beach County industrial rents rose 4.6% in the past year and have posted an average annual gain of 5.2% since 2016, according to the latest submarket report from CoStar Market Analytics. Vacancies remain below the cycle average but are trending higher in recent quarters, the report noted.
By: Paul Owers
CoStar News