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% |
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.
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.
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.