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)
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 % |
- 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
| 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 |
| 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 |
Office Spaces for Rent in Florida
See trends for nearby markets
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.