VIEW TRANSCRIPT
Welcome to the first edition of the Shane Report. In these reports, I will bring you regular updates on market trends here in downtown Boca Raton, with a special focus on office leasing.
New, cutting edge technology enables me to bring current market data to you – rental rates, availabilities, and trends in landlord/tenant negotiations.
I am excited about this new format, and encourage your feedback regarding our monthly installments.
As we work our way thru the 1st QTR of 2010, there are a few downtown developments coming on line.
Comerica Bank will break ground on a new office building at the SW corner of Palmetto Park Rd and Fed Hwy in the Spring, with completion expected in December. This building will 3,700 square feet with on-site parking and will further define our downtown district.
Streetscape improvements to Palmetto Park Rd have begun, with similar improvements to begin shortly in the Sanborn Square area. It is hoped that this will be the first step in the development of our long awaited “Spine”, connecting Mizner Park and Royal Palm Plaza.
The City has acquired the former WildFlower property, with the hope that proper development of this waterfront site will create a “connector” to downtown, via an improved Palmetto Park Rd. The vision is of a more pedestrian-friendly environment, with outdoor café seating and entertainment venues.
Class A office space continues to be in demand downtown, as supported by the world class demographics of East Boca Raton. Absent any new construction over recent years, the vacancy rate is low, but there are some good opportunities for tenants. Landlords understand a soft market, and are negotiating favorable deals over the short term.
If we can provide you with more details on available offices, please email or call us for floor plans, photographs, and pricing. We will be pleased to schedule a tour for you.
If you own a property that is under-performing, call us for a brief get-together, so that we may explain to you how our management philosophy keeps our portfolio better occupied than the competition, and at better rental rates!
That’s all for this edition of The Shane Report. Be sure to tune in next month for another real estate update.
