As we head into 2013, we should step back for a few minutes, and review what happened during 2012 –DO WE HAVE TO?  OK, let’s just say that our commercial real estate market in Boca Raton remained “flat” in 2012.  The best description that I’ve heard is “bouncing along the bottom” – not setting any new lows, thankfully, and perhaps, just perhaps, positioning itself for some positive moves in 2013.

The office leasing market in Boca Raton remains stagnant.  Most activity has been the “horizontal” movement of existing tenants, with few expansions or new start-ups.  There were no new office buildings brought to market in 2012, and overall vacancy rates remained high.  It would appear that 2013 will be a tenants’ market, as was 2012, with rent concessions and tenant improvement allowances open for negotiation.

Downtown Boca Raton is getting closer to a revival.  The City has approved several new, multi-family residential projects downtown, both rentals and condominiums.  While one major project is being delayed by a community group, others seem poised to begin construction in 2013.  The influx of a few thousand new residents in our urban core will be a boon to our downtown shops and restaurants.  In addition, the City is moving closer to a decision on the Wildflower site, located on the Intracoastal at Palmetto Park Road.  The well planned development of this key parcel will provide an eastern anchor for the rebirth of Palmetto Park Road.

At Bryason Realty Corporation, we have outperformed the market once again!  The 595 Financial Center, located  on Federal Highway, remains one of Boca’s finest, Class A office buildings.  At 1900 Glades Road, at the intersection of I-95, we increased our occupancy rate by 10% in 2012.   And at Coral Springs Executive Tower on University Drive, we increased our occupancy rate by 23% in 2012!!!

How did we do it? –

1.  Hard work and detailed research – a great leasing staff!
2. Attention to detail – attractive, well maintained buildings;
3. Competitive rental rates and lease terms;
4. We return every call…right away!  We work every lead!  We show prospective tenants that they are valued;
5. We treat our existing tenants like royalty!

If you are a landlord with an under-performing building, give us a call.  Come by and see how we lease and manage our properties.  We have been doing this for over 40 years – we are experts in stabilizing office buildings.  We can help you!

If you are a tenant looking for a new office suite, call or email us.  We can put together a tour of several buildings for you, and help you negotiate favorable lease terms.

Our first class management and experienced, professional marketing can make a big difference in your bottom line – Let’s chat! Call (561) 206-3326.

Leasing activity has perked up a bit, following our usual summer doldrums, but the level of activity is still far below 2007 levels. There are few new start-up companies out in the market looking for office space, and little expansion activity amongst existing tenants, as well. Most landlords are keeping busy with horizontal moves by existing tenants, and downsizing of small business tenants. Of course, this will improve as soon as the overall economy perks up, hopefully following the upcoming election. In the interim, this is a tenants’ market, and intelligent landlords recognize this. If you are looking for a new office, call us, and we will arrange a tour of local buildings for you.

On Federal Highway, in the heart of the financial district at 595 Financial Center, we continue to offer the best lease terms in town –from Class A+ space to Class B+ space – something to fit every budget.  All suites provide covered parking, optional valet parking, Grand Lobby with first class Café, and on-site maintenance and management, to meet your every need.  Generous build out allowances are available, to customize your new office.

At Glades Road and I-95, in One Lincoln Place, our interior common area renovations are complete.  Come see our new look!  Suites are available from 600 square feet to 3,200 square feet.

Downtown development in Boca Raton is poised to blast off  –  with several new multi-family projects due to break ground shortly, despite the obstructionist activities of a vocal minority. These new developments will, in the short term, create hundreds of construction jobs, and in the long run bring many new residents and employees to the urban core. The trickle-down effect on our retail community will be substantial, as will be the increased tax revenues to our City. We must not let this well-planned, professionally designed, intelligent growth be side-tracked by a few malcontents.

The City recently took a big step to encourage well-planned growth, by establishing a dedicated fund for economic development. Boca Raton will continue to be a serious player in the marketplace for an expanded employment base!  In addition, a modest tax increase was endorsed by our City Council, to slow down the recent cutting of services to our citizens. The new taxes will still be far below 2005-2007 levels, but will insure the continuation of services at the first class level for which Boca Raton has been renowned for many years.

Looking forward, the City is making progress on actually taking Planned Mobility from concept to reality, designating specific areas for development, which areas will be to a great extent self-contained – where residents may live, work, shop and play without long car trips across town and back. In addition, we are in the early stages of evaluating the creation of Foreign Trade Zones, to further encourage the expansion and upgrading of our employment base.

Thanks to the efforts of Lynn University and our City officials, Boca Raton was the focus of the nation last Monday, as we hosted the final presidential debate!  Election Day is only two weeks away. Get out and vote…for candidates and parties that support intelligent growth for our County, our State, and our country! And don’t forget that our biggest economic engine – The Greater Boca Raton Chamber of Commerce – celebrated its 60^th Anniversary on Saturday, October 20^th, at the iconic Boca Resort.  A great time was had by all!  SHANE and RILEY, however, were not invited!

If you are looking for office space, call us to schedule a tour of available space in Boca Raton, and to review our comparable rental analysis. If you are a landlord with too much vacancy, call us for a discussion of our leasing and management policies, and you will see why Bryason buildings outperform the competition – with higher rents and lower vacancies. Our first class management and experienced, professional marketing can make a big difference in your bottom line – Let’s chat! Call (561) 206-3326.

Over the past eighteen months, we have focused on Downtown Boca Raton, with emphasis on trends in the office leasing market.  Actually, Boca encompasses  several sub markets, including the Downtown/East sector, as well as the I-95/Glades Road/FAU sector, the Town Center/West Boca/Turnpike area, and the North Federal Highway/Arvida Park of Commerce sector.

In the following comments, I will address Downtown Boca and the I-95/Glades markets, the Arvida Park of Commerce and North Federal Highway areas.

As we enter mid 2012, there appears to be a light  at the end of the tunnel. Hopefully, it is not a freight train coming at us from the opposite direction!  The strong demand for rental housing, combined with the increased lender appetite for upscale multi family projects, has combined to fuel activity in the urban lifestyle core.

At this time, we are looking forward to the following projects:

-        On East Palmetto Park Road, “Archstone” is coming:  378 units, including apartments, townhomes, and street level retail.

-       On Federal Highway and Palmetto Park Road, right at Main and Main, “Palmetto Park Place” will offer 208 high rise units.

-       On Federal Highway, south of Palmetto Park Road, “Camden” will include 261 high rise units.

-       On Federal Highway at Camino Real, “Via Mizner” will deliver 350 high rise units.

Today’s young executives and active retirees are looking for well-appointed apartments, with full amenities packages, located within walking distance of employment, shopping, dining, entertainment, and the like.  Projected average rents in excess of $2,000 per month indicate a level of disposable income that will infuse new life into local markets.

While each of the Boca office sub markets offers it’s own unique appeal, they do have one thing in common – a vacancy rate in excess of 20%!  This, despite the near total absence of new office construction since 2005.

At the same time, the City is prepared to review bids in October for the Wildflower site, on East Palmetto Park Road at the Intracoastal Waterway.  Hopefully, the full potential of this key parcel can be developed, to create an anchor for east/west commercial development along Palmetto Park Road.

At Bryason Realty, we are beginning to see signs of life in the office leasing market, both downtown and in the I-95 corridor.  Traffic is improved, though the decision-making process is still a slow mover.  Firms are still unsure of our economic markets at this time.

At 595 Financial Center, we have suites available from 1,000 square feet to 3,000 square feet.  In addition, we have a spectacular penthouse suite of 13,000 square feet available, with over 20 windowed offices, elegant board room overlooking the Boca Resort, conference room, kitchen and work station areas.  We will not be underbid, and our tenant improvement allowances are top of the market.  Special broker incentives are available, as well.

At One Lincoln Place at 1900 Glades Road, we offer suites from 600 square feet to 3,000 square ft, with newly remodeled common areas and offices.  Come see how beautiful our interiors are!  We are offering very creative lease packages, including floor to ceiling renovations,  and below market rents.

If you are looking for office space, call us to schedule a tour of available space in Boca Raton, and to review our comparable rental analysis.  If you are a landlord with too much vacancy, call us for a discussion of our leasing and management policies, and you will see why Bryason buildings outperform the competition –  with higher rents and lower vacancies.  Our first class management and experienced, professional  marketing can make a big difference in your bottom line – Let’s chat!  Call (561) 206-3326.

Exciting things are on the horizon for downtown Boca Raton!  The Archstone project is moving forward, and will bring new life to a stagnant stretch of East Palmetto Park Road.  Imagine over 300 new families living in a state of the art, upscale high rise apartment building, with townhouses and retail storefronts on the street level.  This beautiful building will be a jump start to the redevelopment of our downtown district.

Also on the horizon in the near future are the redevelopment of the Wildflower site, and later the long-awaited Via Mizner and Palmetto Park Place projects.

The office leasing market in Boca Raton is beginning to show some signs of life, although activity is still well below 2007 levels.  This remains a Tenants’ market, and we can assist you in locating an office that best fits your requirements, at a price and terms that will be very competitive.

At 555 South Federal Highway, in the heart of the financial district, we have two office suites for lease, both designed to accommodate 5 or 6 executives plus support staff.  These suites can be finished to YOUR specifications – your choice of flooring, wall coverings, trim and hardware -  and can be ready for occupancy in 30 days.

At 595 Financial Center, we offer a full floor penthouse corporate office suite, with 22 windowed executive offices plus support staff stations, a board room, conference room, break room, and more.

Each of these downtown buildings offers free covered garage parking, plus optional valet parking, as well as an on-site café and on-site management and maintenance.

At Glades Road and I-95, we offer completely renovated suites, from 650 square feet to 10,000 square feet.  Come see the beautiful new interior finishes at One Lincoln Place at 1900 Glades Road.

If you are looking for office space in Boca Raton– why go anywhere else? If we don’t have exactly what you need in one of our buildings, we can provide you with availabilities in every building in town, and we will assist you as your agent, in your negotiations with each of these landlords. We’ve already updated our market surveys – let us share this information with you.

If you are a landlord with an under-performing building, give us a call! We will be pleased to show you why our buildings have higher occupancy rates and higher rental rates than the competition. Our first class management and experienced, professional  marketing can make a big difference in your bottom line – Let’s chat!  Call (561) 206-3326.

Well, we made it through another holiday season, and now we can look forward into 2012. This will be a watershed year in Boca Raton, as we go to the polls in a few weeks, to determine the focus of our City Council for the next few years.

Our choices are clear cut: Will this be an election that creates a majority on City Council that will be pro-active on Business Development issues, or will we see a less aggressive Council, one that prefers to defer critical pro-business issues?

The office leasing market in Boca Raton continues to outperform the overall South Florida market, though activity is still far below 2007 levels, as we enter the fifth year of the current “down” cycle. Certainly this is a tenant’s market, and smart landlords recognize this. There are substantial short-term concessions on the table for credit-worthy tenants.

At Bryason Realty Corporation we understand the value of every single tenant, and we will spoil you! Feel free to stop by any of our buildings, knock on a few doors, and ask our tenants what it is like to be a Bryason tenant.

In Downtown Boca Raton, we offer Class A office suites at 595 South Federal Highway. The 595 Financial Center provides true Class A amenities – a grand lobby, covered garage parking, optional valet service, fabulous café and on-site management and maintenance staffs.

At 555 South Federal Highway, we have a few select Class B+ offices for lease, at very competitive rates. Enjoy all the amenities of the 595 Financial Center, at substantial cost savings!

At One Lincoln Place, located right at the entry to I-95 on Glades Road, we are leasing completely renovated offices in a completely renovated building. Come see our beautiful new interior finishes.

If you are looking for office space in Boca – why go anywhere else? If we don’t have exactly what you need in one of our buildings, we can provide you with availabilities in every building in town, and we will assist you as your agent, in your negotiations with each of these landlords. We’ve already updated our market surveys – let us share this information with you.

If you are a landlord with an under-performing building, give us a call! We will be pleased to show you why our buildings have higher occupancy rates and higher rental rates than the competition. Our first class management and experienced, professional marketing can make a big difference in your bottom line. Call (561) 206-3326 for a friendly chat.

Things are really looking up here in downtown Boca Raton – the Fall weather brings with it a sense of optimism.

On October 21st and 22nd, downtown will come alive, with “Meet Me on the Promenade”, a two-day festival featuring downtown Boca’s best – royal Palm Place, Mizner Park, East Palmetto Park Road will all be alive with restaurant specials, dancing, a green market, and even a classic car show. Live entertainment will be provided in several locations, and there will be family and sports games, as well.

On October 15th, FAU hosts its first home football game in the new on-campus stadium. This promises to be a great event, and the start of a regular fall celebration for years to come. Go Owls!

The City Council adopted a small tax increase last week – taxes will still be far less than 2007 levels and still the lowest in the County, and our City will continue to provide the first class lifestyle for which Boca Raton is famous. This action by the City will insure the availability of funds for economic development as well, as we continue to bring new employers to our City.

In addition, the City Council has reviewed several proposals for the Wildflower site on East Palmetto Park Road at the Intracoastal. This review process has given the City a better understanding of the development potential for this vital site, which will anchor the activity for a revitalized Palmetto Park Road.

Here at Bryason Realty, we are thrilled this month to bring to market the most magnificent corporate office suite in Boca Raton – the penthouse floor at 595 Financial Center. True Class “A” space, with a gorgeous lobby and reception area, over 20 windowed offices with great views of the Boca Resort and Golf Course, the ocean, and downtown Boca Raton. Other features include a formal boardroom, two conference rooms, a full kitchen and breakroom, and space for 25 workstations.

We are also pleased to announce several new tenants at One Lincoln Place, a beautifully updated office tower located at the intersection of Glades Road and I-95. In addition, our Broward County division recently completed a full floor lease at Coral Springs Executive Tower!

As you can see, there is life in the local office leasing market. Please email or call us, for help in finding the right office space for your company. And for the property owners out there – let’s chat about how our leasing team can improve your occupancy rates!

Once again, a special thanks to our marketing team – Shane and Riley!

Questions about Boca Raton office space? Call (561) 206-3326 for a friendly chat.

NEW Ownership! NEW Attitude! NEW Look! NEW DEALS! Competitive Rental Rates & Gracious Tenant Improvement Allowances!

AVAILABLE SUITES

SUITE 103 – 2,002 rsf
Power Suite! 1 Executive office, 3 offices, Open office area, Conference room, Executive Strategy room, Reception area, Floor to Ceiling windows.

SUITE 201 – 829 rsf
Move-in Tomorrow! 3 Offices, Large open office area, Reception area

SUITE 350 – 4,184 rsf
Wall to Wall Windows! 7 Offices, 2 Executive Offices, 2 Strategy Rooms, Conference room, Reception area, Copy Center

SUITE 355 – 937 rsf
4 Offices, Open office area, Reception area

SUITE 400 – 2,074 rsf
6 Offices, Executive Strategy room, Executive Assistant area, Print center, Reception area, Floor to Ceiling windows.

BUILDING DESCRIPTION: 64,516 SF Class A Office Building
LOCATION: I-95 and Glades Road. Easy access to Glades Road, I-95 and Military Trail. Minutes from Florida’s Turnpike.
BASE RENT: $17.50 NNN
CAM: $12.50 (2011 est.) Full Service

LEASE TERM: 5-10 years
TENANT IMROVEMENTS: Negotiable
ANNUAL ESCALATIONS: 4%
AVAILABILITY: Several fully re-finished suites available ranging from 800 – 4,500 SF
AMENITIES: Ample covered parking, Large windows, Fast access to Glades Road, Military Trail and I-95, Close to restaurants, banks, hotels, Town Center Mall and Boca Raton Airport, Smart card access control system (24/7), On-site property management

Call us for a tour – See what Boca’s best location has to offer! Contact Charles Shane or Christina Troiano at (561) 206-3326.

VIEW TRANSCRIPT

Each month we bring you news of leasing activity in the professional office market in the Boca Raton area.

Well – the effects of the uncertain national (albeit international!) financial markets continue to impact our local markets. Activity is certainly depressed, as businesses are sitting on the sideline – afraid to invest and expand.

However, there are some bright spots here in the Sunbelt – especially here in South Florida – and Boca Raton is certainly one of those bright spots. With the help of an insightful Mayor and City Council, Boca has just recently managed to keep Tyco in town, and to bring Garda to town, as well. This is the result of hard work by our City officials, the City Manager, the Chamber of Commerce, and the Palm Beach County Business Development Board, and means many more high paying jobs for our City.

While leasing activity is still well below 2007 levels, there has been an uptick in new leases signed, vs 2008-2009-2010. At Bryason Realty, we have been pleased to negotiate several new leases at 555 South Federal Highway this month, as well as several leases at 1900 Glades Road. In addition, activity at Coral Springs Executive Tower has been very encouraging, as Bryason embarks on this new assignment.

At 595 Financial Center, we will be bringing to market this summer what I believe is simply the finest corporate office suite in South Florida. Over 13,000 SF of Class A space, with incredible Penthouse views, located in a truly prestigious building. And with all the amenities one could wish for – reserved covered garage parking, optional valet service, lobby café, and onsite management. This suite provides a spectacular lobby/reception area, over 20 windowed offices, a magnificent boardroom, two conference rooms, and a full staff break room, as well as a file and copy center and room for 20 large workstations. Call us for a full color brochure, photos and a floor plan.

Building owners: The Bryason portfolio continues to outperform the market, with higher rental rates and higher occupancy. How do we do it? Call (561) 206-3326 or stop by for a brief tour and we will be pleased to show you what we can do to improve your bottom line.

AVAILABLE SUITES

SUITE 103 – 2,002 rsf
Power Suite! 1 Executive office, 3 offices, Open office area, Conference room, Executive Strategy room, Reception area, Floor to Ceiling windows.

SUITE 212 – 1,726 rsf
Includes 6 executive offices and a large open work area.

SUITE 301 – 2,951 rsf
Reception area, 5 standard/administrative offices, 4 large windowed executive offices and conference room.

SUITE 500 – 1,186 rsf
Reception area, 4 offices and open work area.

SUITE 600/605 – 7,874 rsf
Impressive reception area, 8 spacious executive offices, 2 large open work areas, 2 conference rooms, lounge, print/copy room, file room, phone and mail rooms.

SUITE 707 – 806 rsf
Waiting/reception room, 3 large offices and kitchen.

SUITE 800 – 2,392 rsf
Double door entry with reception area, 7 offices, conference room, large open work area, mail/copy room, telephone room and kitchen.

SUITE 806/810 – 5,015 rsf
Waiting/reception area, 10 offices, large conference room, 3 large open work areas, training room, telephone room and kitchen.

BUILDING DESCRIPTION: 80,596 SF Class A Office Building
LOCATION:North University Drive and Riverside Drive, Coral Springs, Florida.
BASE RENT: $13.00 NNN
CAM: $10.88 (2011 est.) Full Service
LEASE TERM: 3-5-10 years
TENANT IMROVEMENTS: Negotiable
ANNUAL ESCALATIONS: 4%
AVAILABILITY: Several suites available ranging from 806 – 7,874 SF
AMENITIES: Convenient access to Coral Springs, Tamarac and Margate. Five minute drive to “The Walk of Coral Springs”. Close to fine restaurants, shops and banks. Well landscaped setting with ample parking. Advanced high speed internet connections. Backup generator for extended power outages. Smart card access control system (24/7).

Call (561) 206-3326 to learn more about available offices at 210 North University Drive in Coral Springs, Florida.

VIEW TRANSCRIPT

Each month we update you on the office leasing market in Boca Raton, with added background information on local developments that impact the Boca Raton commercial real estate market.

Well, spring has sprung! Daylight Savings Time is here, the weather is fabulous, and evening foot traffic in downtown Boca has increased noticeably. Work on Palmetto Park Road is nearly complete – with wider medians, beautiful new landscaping, traffic calming intersections and even a few wider sidewalks. Yet to come – crosswalk pavers and sheltering gazebos at key intersections. All-in-all, a pedestrian friendly environment, from Mizner Park to Royal Palm Plaza to East Palmetto shops.

The Festival of the Arts just concluded at Mizner Park, once again showing the world that our little town offers world class entertainment, in a fabulous venue, surrounded by great restaurants and shops. Add in our A-rated schools and expansive recreational amenities, and where else would you want to live, work and play?

Class A office space downtown continues to be in demand, and no new inventory is expected for 2 or 3 years. At 595 Financial Center we are preparing to bring to the market in June a full floor, penthouse corporate office suite, with all windowed offices – many with views of the golf course! At 555 South Federal Highway, we offer a variety of affordably priced, fully remodeled suites, from 1,000 square feet to 4,000 square feet. Rates are VERY competitive, and generous improvement allowances are available for qualified tenants.

At Glades Road and I-95, we are well into the renovation of One Lincoln Place. Come see the sparkling new lobby, elevators and common areas, as well as completely renovated office suites, from 800 square feet to 4,000 square feet. Building exterior renovations will follow in 2011.

Overall, the market still favors good tenants. Savvy Landlords with excess inventory are offering aggressive packages of rental rates, improvement allowances and concessions, to credit-worthy tenants. This is the time to make your move – the market has “bottomed out”, and rents can be expected to trend upward as we move from 2011 into 2012. Remember – if you require extensive construction, the design-permitting-construction phase can take 3 to 6 months. Plan NOW, for 4th quarter occupancy.

Landlords: Is your building struggling? Come visit us for a few minutes, and see how we maintain our properties and spoil our tenants. The proof is in the pudding! – higher rental rates and higher occupancy. Let us explain our marketing program to you. Call (561) 206-3326 for a friendly chat.