Welcome to the August edition of The Shane Report.
Each month on The Shane Report, we look at the Boca Raton office leasing market. This month, let’s look at some of the factors that are driving the downtown Boca market.
Certainly it can be said that our downtown is at a crossroads, as Mizner Park undergoes a transition from novelty to established urban retail and office core, and Royal Palm Plaza grows into its new, modern image.
The City of Boca Raton has hired some excellent professionals, such as Urban Design Consultants, and some of their recommendations have been implemented, including the “Interim Guidelines for Downtown.” These new architectural guidelines will lead to more varied elevations and creative facades throughout the downtown district, while permitting developers more leeway in density and design features.
While the recent economic slowdown has delayed implementation of these guidelines, there is every reason to hope that when development begins anew, led by projects such as Palmetto Park Place, the vision of a revitalized downtown will be closer to reality.
The investment in the downtown Promenade is a necessary and welcome enhancement that will help spur activity downtown, between Mizner Park and Royal Palm Place. We are fast approaching the time when a full-time, professional director is mandatory for our C.R.A. – an entrepreneur who will “sell our City” to regional and national businesses. In order to compete successfully within the region, the state, and even the country, we need a marketing program that entices development – with a business friendly environment that extends from City Council to City Hall, and, most importantly, with a real understanding of where downtown is, and what our vision of downtown should be. The recent incentive program established by the City is a great start in the right direction.
Activity in the overall Boca Raton market seems to have picked up during the 2nd and 3rd Quarters, but prospective tenants are still leery of making any long term commitments to larger spaces. We are seeing many more firms out in the market – both downtown at our 595 Financial Center and in the I-95 corridor, at One Lincoln Place. These are realistic landlords, who understand our tough economic times. This is certainly a tenants’ market – how can we help you? Please call or email us for information on available office space in Boca Raton.
