Boca Raton Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $34.73 2022 Avg. Asking Rent
  • 13.18% 2022 Office Vacancy Rate
  • $446.7M2022 Total Office Sales
  • $272.32Avg. Sale Price/SF

Boca Raton office price per square foot in 2022 was $34.73 on average. The local office market recorded an average vacancy rate of 13.18% across all asset classes combined. The 19 transactions that closed here throughout 2022 amounted to a total sale volume of $446.7M. Boca Raton office space commanded an average sale price per square foot of $272.32.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Boca Raton Class A & A+ Office Space$36.43
  • Boca Raton Class B Office Space$30.71
  • Florida Class A & A+ Office Space$35.94
  • Florida Class B Office Space$26.81
  • Florida Class C Office Space$19.09

Boca Raton, FL Office Asking Rents by Class

2022 Office Vacancy Rates in Boca Raton

Submarket Asking Rents Vacancy Rates
Boca Raton - Central $45.24 14.63%
Boca Raton - West $36.23 3.72%
Boca Raton - East $36.17 15.87%
Boca Raton - North $32.92 13.84%
Boca Raton - Downtown $32.52 6.86%
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 13.18% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Boca Raton was 3.72% in the Boca Raton - West submarket, while the highest office vacancy in the market was 15.87%, recorded in Boca Raton - East.

Office Spaces for Rent in Florida

Boca Raton Office Sale Price per SF

  • $272.322022 Avg. Price per SF
  • -16.97%Y-o-Y Avg. PpSF Change
  • $446.7M2022 Office Sales Volume
  • 192022 Number of Transactions

Boca Raton, FL Sale Price per SF Trend

  • Boca Raton Avg. Sale Price per SF in 2022$272.32
  • Florida Avg. Sale Price per SF in 2022$234.16
Boca Raton office space cost in 2022 marked a -16.97% change compared to the previous year. The sale price for office space in Boca Raton averaged $272.32 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $234.16 per square foot.

2022 Office Sales Volume

  • Boca Raton, FL Total Office Sales Volume in 2022 $446.7M
  • Boca Raton, FL Total Number of Office Sales Closed in 2022 19
A total of 19 deals closed on the Boca Raton office market in 2022, adding up to a yearly sales volume of $446.7M. Notably, the largest transaction on the market saw Boca Center Tower I & II change hands for $94,500,000 on 4/7/2022.

Largest Boca Raton Office Sales in 2022

Property name Address Date Price
Boca Center Tower I & II 5200 Town Center Circle 4/7/2022 $94,500,000
1800 Boca Center 1800 North Military Trail 4/7/2022 $76,100,000
South City Plaza 1515 South Federal Hwy 10/17/2022 $51,000,000
Yamato Office Center 1001 Yamato Road 5/20/2022 $45,925,000
Meridian Office Center 6551 Park of Commerce Blvd 7/6/2022 $29,850,000
Data provided by Commercial Edge

Coworking Spaces in Florida

2022 Office Construction in Boca Raton, FL

  • Boca Raton, FL Total SF under construction in 2023 61,500
Largest Office Properties Recently Completed in Boca Raton
Office building Address SF Completed
Boca Colonnade II 750 Park of Commerce Blvd, 33487 95,331 2008
1095 BROKEN SOUND PKWY NW 1095 BROKEN SOUND PKWY NW, 33487 54,203 2008
Beacon Square Professional Campus 7789 NW Beacon Square Boulevard, 33487 20,752 2008
Boca Clinic 1601 Clint Moore Road, 33487 75,689 2007
9325 Glades Road 9325 Glades Road, 33434 45,000 2005
101 Renaissance Centre 101 North Federal Hwy, 33432 34,032 2003
The Boca Crown Centre 7999 North Federal Hwy, 33487 28,460 2003
Full Floor Office Space in Broken Sound Plaza 6000 Broken Sound Pkwy Nw, 33487 77,340 2001
One City Centre 1 N. Federal Hwy, 33432 46,541 2001
One City Centre 1 North Federal Hwy, 33432 40,149 2001

Worth noting among recent office completions on the Boca Raton market is Boca Colonnade II, which is currently the largest new office development in the city, at 95,331 square feet.

Data provided by Commercial Edge

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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.