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.