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Welcome to the May edition of The Shane Report. In these monthly reports, we focus on office space in Boca Raton, Florida.
Thanks for all of the positive feedback on our inaugural video. I’m glad that it was so well received and encourage your continued feedback. Please let me know if there are any specific topics you’d like me to cover in future updates.
In this edition, let’s take a look at where the office leasing market stands today, as we prepare to enter the hot, Florida summer season.
Traffic is still well below the peak 2007 levels, although there appears to be a small increase in traffic over 2009 levels. Prospective tenants are still reticent to make decisions, given the uncertain economic environment. Most new tenants are looking for short term leases, and many prospective tenants are electing to renew at their present locations, at reduced rates.
Class A space is still at a premium. The absence of any new Class A construction downtown since 2005 (595 Financial Center) serves to amplify this situation.
Class B space is far more readily available. There are a large number of Class B buildings downtown, and throughout the Boca Raton market, with varying levels of amenities and services. This is clearly a tenant’s market, with generous tenant improvement allowances and rent concessions typical.
Bryason Realty Corporation works with many landlords in the Boca Raton area, both Class A and Class B space – Downtown; in the I-95/Military Trail corridor; and in West Boca, as well. If we can assist you in locating a new office, please do not hesitate to contact us.
Bryason’s managed properties continue to outperform the market, and we have received numerous awards acknowledging the quality of our management and the professionalism of our leasing programs. Contact us to learn how we can improve your property’s performance!
I am pleased to announce that I was recently awarded the “Office Deal of the Year” award by The Realtors Association of the Palm Beaches. In addition, I am being honored this month as “Business Leader of the Year” in Boca Raton. This award is presented to one business leader each year, by the Greater Boca Raton Chamber of Commerce.
I am so proud to accept this award, and could not have achieved these honors without the help of my marketing team – Shane and Riley!
Congratulations on your award! This is an outstanding idea.