Boca Raton Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $32.60 2020 Avg. Asking Rent
  • 1.43% Y-o-Y Avg. Asking Rent Change
  • 13.01% 2020 Office Vacancy Rate

Boca Raton office price per square foot in 2020 was $32.60 on average. This marked a +1.43% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.01% across all asset classes combined.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Boca Raton Class A Office Space$34.17
  • Boca Raton Class B Office Space$28.76
  • Boca Raton Class C Office Space$25.90
  • Florida Class A Office Space$37.78
  • Florida Class B Office Space$23.96
  • Florida Class C Office Space$18.38

Boca Raton, FL Office Asking Rents by Class

Average office rent in Boca Raton rested at $32.60 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Boca Raton averaged $34.17 per square foot. Across all submarkets, class B office space recorded an average asking rent of $28.76 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $25.90 per square foot, on average. Comparably, statewide Florida average office rents by class in 2020 were: $37.78 per square foot for class A office space; $23.96 per square foot for class B office space; $18.38 per square foot for class C office space.

2020 Office Vacancy Rates in Boca Raton

Submarket Asking Rents Vacancy Rates
West Boca Raton $34.61 11.61%
Downtown Boca Raton $34.10 18.00%
North Boca Raton $29.79 13.44%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Boca Raton market was 13.01% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Boca Raton was 11.61% in the West Boca Raton submarket, while the highest office vacancy in the market was 18.00%, recorded in Downtown Boca Raton.

Office Spaces for Rent in Florida

2020 Office Construction in Boca Raton, FL

  • Boca Raton, FL Total SF completed in 2020

During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Boca Raton office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.

Largest Office Properties Recently Completed in Boca Raton
Office building Address SF Completed
Toby & Leon Cooperman Pavilion 745 Meadows Road, 33486 61,500 2022
Boca Village Corporate Center - North Tower 4955 Technology Way, 33431 106,957 2019
8230 210th Street South 8230 210th Street South, 33433 15,048 2012
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
Boca Colonnade II 750 Park of Commerce Blvd, 33487 95,331 2008

Worth noting among recent office completions on the Boca Raton market is Toby & Leon Cooperman Pavilion, which is currently the largest new office development in the city, at 61,500 square feet.

Data provided by Commercial Edge

See reports for nearby markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market 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.