Let’s take a look at the office leasing market in Boca Raton.
As we move forward into 2011, it appears that we are bouncing along the bottom – no longer seeking new lows, and seemingly setting up for a rise through the balance of the year. This cautious optimism is evidenced by a noticeable increase in traffic, and a very slight tightening in rental rates and terms.
The increase in traffic is especially encouraging, as there are more start-up firms out in the market looking for space in 2011, while traffic during 2008-2009 and 2010 was largely composed of firms that were downsizing, or making lateral moves.
If you are out in the market looking for a new office location at this time, be encouraged. There is a great deal of second generation space available, both Class A and Class B space. While rates are beginning to stabilize, savvy landlords are still offering attractive packages of rental rates, rent concessions and tenant improvement allowances. Call us, and we will help you find attractively maintained buildings and realistically negotiable landlords.
In a highly competitive market such as ours, every little advantage is magnified. The appearance of a building, the level of maintenance and the quality of customer service are critical, and it is no coincidence that the cleanest buildings reflect the highest occupancy rates. During the past few months, Bryason Realty has leased several large office suites to firms that relocated primarily because they found the maintenance inadequate in their previous offices!
The downtown financial district in Boca Raton continues to lead the way, with the highest occupancy rates in town. In the absence of any new major office construction since 2005, this high demand should continue for the foreseeable future. The City’s commitment to improving the streetscapes in the downtown district will further fuel this recovery.
The I-95 corridor is always in demand, and there is a substantial inventory of space available here. The broad range of product and pricing makes this a tenant-friendly market. This includes Glades Road and Military Trail, as well as secondary locations.
If you are looking for office space in Boca Raton, please call or email us at Bryason Realty Corporation, and we will set up a tour for you. If you are a landlord with an under-performing building, come by our office for a brief meeting. We will be pleased to share with you our marketing plans for leasing office space.
We must be doing something right – our buildings regularly lead the local market in occupancy and rental rates, and we annually receive recognition for various “Deal of the Year” awards from professional real estate organizations. Call (561) 206-3326 for a friendly chat.