The three-story, 116,000-sf Clare Avenue property was acquired last month by Atlanta-based Holder Properties for an undisclosed sum. Conversion to telecom hotel use is being handled by US TechCenters, a Holder affiliate.
Telecom hotels are generally classified as hybrid space. Rental rates vary, depending on the extent of facility readiness for tech equipment installation and operation.
Flex space, which bears some relationship to this new breed of occupancy, has been commanding an average $8.43 per sf in the West Palm Beach market. Local warehouse space, which was the Clare Avenue building's former use, has been leasing for an average $6.01 per sf.
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