Bill Reichel, President & CEO, Reichel Realty & Investments, Inc.

In an interview with Invest:, Bill Reichel, president of Reichel Realty & Investments, discussed the factors that make Palm Beach an attractive real estate market, including its business-friendly policies and strong demand. “People seek safety, a good business environment, and stability, which are all qualities this area provides in full measure,” Reichel said, while also addressing infrastructure challenges and shifting market dynamics.

After 38 years of experience in the market, what are some factors that make Palm Beach an attractive market for real estate investment?
Our focus is primarily on Palm Beach County, and we also work in Martin County and Broward Counties. There are many natural advantages to the region, which has always been our backyard. We are located in a right-to-work state with no state income tax. We have strong government leadership and strong law enforcement leadership. We have a strong sheriff’s office, with the same sheriff serving for many years. Additionally, the town of Palm Beach, located across the bridge from Downtown West Palm Beach, is a hub of wealth. People seek safety, a good business environment, and stability, which are all qualities this area provides in full measure.
When the COVID-19 pandemic hit, there was a monumental shift in the market. Our transaction volume has grown steadily for 38 years and since 2021, our volume has nearly doubled each year, and we are on track to do the same this year. The influx of major corporations to the area, now often referred to as “Wall Street South”, has been significant as companies realized they no longer needed to operate from New York City or other traditional hubs. Many are now relocating from California due to governmental challenges, weather-related issues, and natural disasters. The market dynamics have shifted dramatically. In the past, a single office tower might be constructed every 10 years, drawing tenants from older buildings. Now, high-value companies are relocating here, bringing well-paid employees, families and stimulating ancillary businesses across retail, industrial and office sectors and spurring redevelopment in overlooked areas. Housing and multifamily developments are also expanding. Northwood, an area previously considered an opportunity zone, is now seeing six- to eight-story apartment buildings, retail developments and new businesses. Another notable example of up and coming areas is the Nora development in West Palm Beach, a major project attracting significant and investment activity.
However, infrastructure remains a challenge, particularly traffic congestion. For example, a recent trip to Miami, typically an hour and a half, took four hours due to heavy traffic. This issue is prevalent across the region, including Palm Beach County, where new developments are further increasing congestion. On the upside, transportation options are growing with Brightline, the high-speed rail line, the commuter Tri-Rail line, and the on-demand circulator trams some cities are testing and adopting in downtown areas. Multi-family demand is growing, too, with the affordability factor pushing many residents northward to lower cost areas like Port St. Lucie and Martin County.

What types of commercial real estate properties are driving growth, demand, and profitability for Reichel Realty in Palm Beach?
We operate across all sectors including office, retail, industrial, land development and property management. Our management division oversees more than 40 projects totaling 2 million square feet, and we also handle tax appeal work and construction management. From a transactional perspective, we are seeing significant activity from tenants facing steep rent increases. For example, industrial tenants who were paying $10 per square foot may now face rents of $25 to $30 per square foot upon lease renewal, prompting them to consider purchasing property instead. This trend is evident in office and retail as well, but it is particularly pronounced in industrial due to low supply and high demand. When we list an industrial property with yard space, the response is immediate and overwhelming. Pricing can be challenging, as we always aim to secure the best terms for our clients. We specialize in exclusive owner representation and have closed numerous deals in 2025, with many more pending and competition for prime properties intense. For example, two Palm Beach county projects we are involved with recently lost long-term National Retail Tenants, one was an Arby’s on Okeechobee Boulevard and the other was Hooters located on Palm Beach Lakes Boulevard. Hooters suffered a bankruptcy and the Arby’s franchisee sold their company and decided to buy out of this lease. Both of these properties had extensive interest when they became available and are now in lease negotiations with new National Credit Tenants at market rates. The market is exceptionally strong across all segments.

What are the primary challenges facing the real estate market in Palm Beach, and how is Reichel Realty & Investments working to address these challenges?
Financing remains a hurdle, as banks are cautious, and environmental assessments can complicate transactions, especially in older areas.
With our 38-year track record and thousands of transactions, we give clients a path to navigating these challenges. For example, we are handling a case involving an environmental issue where a septic tank installation was mishandled. The health department mandates that no new septic tanks can be installed if a connection exists within 500 feet but the nearest connection is across railroad tracks and a major road. Resolving such issues requires deep industry knowledge, creative problem-solving and the ability to work with cities to meet requirements. Our experience, reputation and long-term relationships are key.

Is there anything in the regulatory or legal landscape that might affect the real estate industry in Palm Beach?
Regulatory changes are a constant consideration in real estate. While there may not be major new regulatory shifts, the broader trend is that compliance is becoming increasingly complex. There is a saying that resonates in this industry: “It is harder than it used to be, but easier than it is going to be.” This reflects the continuous layering of regulations as authorities strive for precision. Success hinges on collaborating with the right professionals, whether they are law firms, land planners, traffic performance experts or environmental consultants, who understand the landscape. Over 38 years, we have built a network of trusted partners and continue to cultivate relationships with the next generation of professionals, underscoring the importance of staying connected in an ever-evolving field.

Would you say that the real estate market in Palm Beach is a buyer’s or a seller’s market?
Currently, the Palm Beach market is unequivocally a seller’s market. There is no visible distress, and demand remains robust. I started in the 1980s working for a bank handling REO (real estate owned) sales, receiverships and bankruptcy cases so I am aware of the signs, but such conditions have not reappeared in recent decades, even during the pandemic. Market turmoil was widely anticipated but the opposite occurred. In 2021, our firm recorded its top performance, closing 85 transactions – a remarkable achievement for a boutique firm of 15 people. Over the past four years, we’ve had consistent yearly growth, and 2025 is on track to be our best year ever.

While it‘s a seller’s market, we successfully represent many buyers in this market, including finding off-market deals and creating win-win transactions that satisfy both parties’ goals.

What opportunities for growth and investment do you expect in the commercial real estate industry in Palm Beach over the next few years?
I anticipate a continued upward trajectory in property values and market activity. Industrial real estate, in particular, presents significant opportunities in Palm Beach County. Rental rates for industrial spaces have tripled compared to previous levels, reflecting strong demand. While multifamily development is not our firm’s focus as we specialize in retail, office and industrial properties, still I have observed a surge in apartment construction. However, the affordability crisis is pushing many residents northward to areas like Port St. Lucie and Martin County, where housing costs are lower.
The rising cost of development necessitates higher rents, raising questions about absorption rates and long-term sustainability. Despite these challenges, the broader market remains resilient. I have sold some properties three or four times over my career, and each transaction has been more favorable than the last. What it all comes down to is that success in real estate hinges on understanding supply and demand dynamics and positioning oneself accordingly. While forecasting is not my focus, the current trends suggest sustained growth, particularly in industrial and commercial sectors.