MIAMI—For all the talk about Miami—and even Fort Lauderdale—commercial real estate prospects, Palm Beach County is doing more than holding its own. In fact, as Keith O'Donnell, a principal at Avison Young, sees it, Palm Beach has become the “realized” county.

“All of the prosperity and growth prognostications over the past decade have finally come to fruition,” O'Donnell tells GlobeSt.com. “The uniqueness within is highlighted from what's driving various sectors.”

Want examples? O'Donnell has specific ones.

From his perspective, South Palm Beach County has become an advantageous alternative choice for foreign investors, particularly from Latin America. He says the county continues to see robust interest from investors from the Northeast as many relocate to the area due to the appeal to a more dynamic lifestyle offering.

“Institutional investors have been displaying the strongest interest in luxury multifamily rental complexes while private investors have focused on value-add suburban office buildings and redevelopment opportunities in retail,” O'Donnell says. “North County and West Palm Beach also experiencing robust activity and significant upside.”

As quality vacant spaces continue to disappear, coupled with the economics not being quite right yet for new construction, Avison is forecasting rental rates in all asset classes will continue to grow at better-than-projected rates along with the underwriting support for aggressive cap rates.