Welcome to The Shane Report for June, 2010. Let’s take a look at downtown Boca Raton office space.
As we wind down the second quarter of 2010, the economic recovery appears to be somewhat slower than projected. The upcoming third quarter is typically our slowest of the year – with the summer heat driving so many folks north for vacations, and the hurricane season starting up. Traffic is slow, as few companies are looking to relocate in this uncertain time. Many of the companies that started out looking to downsize, have now elected to “blend and extend” deals with their current landlords, at lower rates,saving the expense and inconvenience of moving.
Despite the current economic malaise, there are still a few real estate visionaries looking ahead to 2011 and 2012. The best example of this is Palmetto Park City Center, a large mixed use development planned for the southeast corner of Federal Highway and Palmetto Park Road in East Boca Raton. The project will include 145,000 square feet of Class A office space, 37,000 square feet of specialty retail space, a 150 room businessmen’s hotel and 105 residential units. Delivery is proposed for 2012. This will be the first new project utilizing the revised downtown architectural guidelines, and should present a beautiful façade at the main intersection in Boca Raton, while also serving as a bridge between shopping and entertainment centers to the north and south.
In addition, the Community Redevelopment Authority is moving forward with streetscape improvements to Palmetto Park Road and Southeast 1st Avenue. Included are landscape enhancements, walkway pavers, and traffic calming crosswalks. This will be, hopefully, the first step toward a connection between Mizner Park and Royal Palm Place, creating a real “downtown” in Boca Raton, with multiple entertainment venues, restaurants and fine shops.
If you are looking for an office in Boca Raton –downtown, in the I-95 corridor, or in West Boca – give us a call. We will be pleased to put together a tour for you. If you have a building that is under-performing, come see why Bryason’s portfolio has higher occupancy rates.
Thank you for all of your replies and inquiries. Our marketing team is ready to serve you – right Shane and Riley?
