WHERE WE OPERATE
Palm Beach Medical Office Market
The highest-volume, fastest-moving medical office market in Florida — and the one where what your building is worth depends most on who’s buying it.
THE MARKET
Two buyers, two prices.
Palm Beach trades more medical office than any market we cover — $325 million across 140 transactions in the past year — and it clears faster than anywhere else, in about seven and a half months. Yet only two percent of the county’s medical office is actually on the market at any moment.
What makes it unusual is the gap between buyers. Institutional capital is assembling large buildings in portfolios at around $215 a foot. Physicians and private investors are paying $513 a foot for buildings under 5,000 square feet. Same county, same asset class, two and a half times the price.
“Which side of that gap your building sits on matters more here than in any other market in Florida.”
Palm Beach County, at a glance
1.53M
Palm Beach County residents
45.3
median age — the oldest of our markets
$83,581
median household income — the highest of our markets
893
medical office buildings
Why owners should care
Three forces, one direction
It moves.
$325M of volume, 140 transactions, 7.5 months to sell — the fastest market we cover.
Almost nothing is available.
318,000 SF for sale against 15.1M SF of stock. Two percent.
Cleveland Clinic is quadrupling its outpatient footprint
and building the first downtown hospital in a century.
THE HEALTHCARE BUILDOUT
The first new hospital downtown in a century.
Cleveland Clinic is quadrupling its Palm Beach medical office footprint — from 30,000 SF to 120,000 SF.
2026
Site prep
Cleveland Clinic
Demolition and site preparation at 400 and 450 S. Australian Ave, downtown West Palm Beach.
2027
Outpatient centre + ambulatory surgery centre
Cleveland Clinic
Opens ahead of the hospital.
End 2029
150-bed hospital
Cleveland Clinic
Emergency department, medical office building, ambulatory surgery centre. First not-for-profit research hospital in West Palm Beach, and the first new hospital downtown in over 100 years.
Under way
30,000 SF → 120,000 SF
Cleveland Clinic outpatient offices
Leasing 120,000 SF at 15 CityPlace, quadrupling its current footprint.
The two markets CoStar · August 2026
Palm Beach has two medical office markets.
The market as a whole is nearly full and turns over quickly. What’s actually for sale is the smallest share of any market we cover.
The full marketEverything that exists
6.4%vacancy — 93.6% occupied15.1M SFacross 893 medical office buildings
7.2%market cap rate
+49.7K SFabsorbed, past 12 months
What’s for sale~2% of the market
60buildings and suites for sale right now318K SFon the market
$367/SFmedian closed sale, trailing 12 months
7.5 motypical time to sell — fastest of our markets
The opportunity
How you get into a market this tight.
The market is 94% full.
Tenants are competing for space, and almost nothing new is being built.
A few of the buildings for sale sit empty.
Value-add buildings offers brokers overlook because they're not stabilized.
Buy one and lease it up.
You end up owning income-producing medical office in a market where owners cannot get in.
Recent tradesCoStar · August 2026
What’s actually traded in Palm Beach.
The five most recent single-building medical office sales in Palm Beach County. Below them, where a building like yours has been landing.
| Property | Size | Price | Per SF | Closed |
|---|---|---|---|---|
| 1120 N Olive AveWest Palm Beach · built 1981 | 2,119 SF | $2.8M | $1,321 | Jun 2026 |
| 3111 W Boynton Beach BlvdBoynton Beach · built 2008 | 6,146 SF | $3.55M | $578 | Jun 2026 |
| 7500 S Dixie HwyWest Palm Beach · built 1958 | 4,057 SF | $1.38M | $340 | Jun 2026 |
| 2887 Lake Worth RdLake Worth · built 1966 | 2,400 SF | $1.7M | $708 | May 2026 |
| 14000 S Military TrlDelray Beach · built 1987 | 36,923 SF | $6.9M | $187 | Apr 2026 |
By building size
A small building is worth 2.4× a large one.
| Building size | Trades | Median | Middle half of trades |
|---|---|---|---|
| Under 5,000 SF | 7 | $513/SF | $332 – $708/SF |
| 5,000 – 15,000 SF | 8 | $474/SF | $364 – $692/SF |
| Over 15,000 SF | 10 | $215/SF | $200 – $396/SF |
Suites
More suites changed hands here than in any market we cover.
25· $164.5M
Whole-building sales. Individual owners.14· $124.8M
Portfolio deals. Institutional buyers.43% of Palm Beach medical office volume moved inside institutional portfolios — the highest share of any market we cover.
condominium units and multi-property portfolio allocations excluded from medians.
Where We Work
Coverage across Palm Beach County
We work medical office from Boca Raton to Jupiter, and west through Wellington.
Boca Raton
Baptist Boca Regional
West Palm Beach
CityPlace & Cleveland Clinic
Jupiter
Jupiter Medical & Juno
Delray Beach
Delray Medical & Boynton
Palm Bch Gardens
PBG Medical Center
Wellington
Wellington Regional
median $/SF — WPB CBD $731 · Boynton/Lantana $435 · Jupiter $428 · Boca East $420 · Delray $390 · Wellington $380 · N Palm Beach $296
FAQs
The questions we get most
What is a medical office building worth in Palm Beach County right now?
It depends on whether it's leased or owner-occupied, what the build-out supports, and on size. A building under 5,000 SF trades at roughly two and a half times what a large one does, per square foot. A Broker Opinion of Value is free and confidential, and it's the fastest way to get a real number for your specific building rather than a market average.
I still practice in my building — can I sell without relocating?
Yes. A sale-leaseback lets you sell the building and sign a lease to stay in the space you've built your practice around — you take the equity out without moving. It's a natural fit for owners who want liquidity, not a move.
How do you find buildings that never get listed?
Anyone can see the listings. The off-market positions behind them are what we bring. We work exclusively in medical office and we've built our own tools for sourcing off-market — sellers get a quiet exit, buyers get first look.
Does White Coat Capital cover all of Palm Beach County?
Yes — from Boca Raton and Delray through West Palm Beach, Palm Beach Gardens, Jupiter, and Wellington.
Own medical office in Naples
Find out what your building is worth.
A confidential Broker Opinion of Value - no cost, no obligation.