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Boca Raton Office Market Trends

Office Rental Market

  • $32.14 2019 Avg. Asking Rent
  • 12.25 % 2019 Avg. Vacancy Rate
  • 106,957 2019 Office Completions (Sqft)
  • 0 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Boca Raton was $32.14 per square foot, and the office vacancy rate across the market averaged 12.25 %. During 2019, developers added 106,957 square feet of new office space to the Boca Raton market inventory. Office developments estimated for delivery during 2020 total 0 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Boca Raton Class A Office Buildings$33.91
  • Boca Raton Class B Office Buildings$27.52
  • Boca Raton Class C Office Buildings$26.89
  • FL Class A Office Buildings$37.07
  • FL Class B Office Buildings$23.53
  • FL Class C Office Buildings$18.02

Boca Raton, FL Office Asking Rents by Class

Office asking rents vary across the Boca Raton office market depending on several factors, one of which is property class. While rents for Class A office buildings in Boca Raton averaged $33.91 per square foot in 2019, Class B office properties garnered average rental rates of $27.52 per square foot. Rental rates for Class C office property in Boca Raton averaged $26.89 per square foot. On a statewide level, Class B office space rents averaged $23.53 per square foot, while rents for Class A office space across Florida averaged $37.07 per square foot. On average, Class C office properties in Florida commanded rents of $18.02 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
Downtown Boca Raton $37.02 8.35 %
West Boca Raton $34.80 10.58 %
North Boca Raton $28.98 13.34 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Boca Raton was 8.35 % in the Downtown Boca Raton submarket, where asking rents averaged $37.02.
  • The highest office vacancy rate in 2019 in Boca Raton was 13.34 % in the North Boca Raton submarket, where asking rents averaged $28.98.

OFFICE CONSTRUCTION IN Boca Raton, FL

  • Boca Raton, FL Total Sqft completed in 2019 106,957
  • Boca Raton, FL Total Sqft under construction in 2020 0
10 Largest Office Buildings in Boca Raton
Building name Address Total Sqft Year built
Boca Raton Innovation Campus 5000 T-Rex Avenue, 33431 1,725,222 1970
6600 North Military Trail 6600 North Military Trail, 33496 639,830 2008
NCCI Holdings Headquarters 901 Peninsula Corporate Circle, 33487 294,419 2000
Arvida Park of Commerce - Amtec Center 6401 Congress Avenue, 33487 284,613 1987
One Boca Place 2255 Glades Road, 33431 277,390 1986
One Park Place 621 NW 53rd Street, 33487 237,331 1985
301 Yamato Road 301 Yamato Road, 33431 206,946 1987
North 40 -The Park at Broken Sound 5201 Congress Ave, 33487 204,059 1985
The North 40 - Building 236 5201 Congress Avenue, 33487 202,570 1984
One Town Center 1 Town Center Road, 33486 193,440 1990
Largest Office Properties Recently Completed in Boca Raton
Office building Address Sqft Completed
Boca Village Corporate Center - North Tower 4955 Technology Way, 33431 106,957 2019
2200 Butts Road 2200 Butts Road, 33431 31,000 2011
Congress Corporate Center 903 NW 65th Street, 33487 65,000 2010
Lynn Financial Center - Phase II 1825 NW Corporate Blvd, 33431 123,882 2009
6600 North Military Trail 6600 North Military Trail, 33496 639,830 2008
Beacon Square Professional Campus 7777 NW Beacon Square Blvd, 33487 156,000 2008
1800 Boca Center 1800 North Military Trail, 33431 141,750 2008
The Milan at Town Center 1675 North Military Trail, 33486 63,537 2008
The Siena at Broken Sound 1095 Broken Sound Pkwy NW, 33487 54,675 2008
Lynn Financial Center - Phase I 1905 NW Corporate Blvd, 33431 82,644 2007
Data provided by Commercial Edge

Office Spaces for Rent in Florida

  • Jacksonville Office Space
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  • St. Petersburg Office Space

See trends for nearby markets

  • Fort Lauderdale Market Trends
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  • Delray Beach Market Trends
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The Boca Raton office market contains an inventory of 14,819,590 square feet of office space, in 220 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Boca Raton commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.

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