With 15.8 million square feet of Class A and B space, the Boca Raton market houses more than one-third of Palm Beach County’s total office inventory, making it the county’s largest office submarket. As of the second quarter, the submarket posted a 21-percent vacancy rate, a slight improvement over the previous year. Further assisting in market stabilization, no new buildings have been delivered in the city over the previous two years. The lack of new deliveries has resulted in limited availability of high quality “Class A” office space, while large blocks of affordable operations space remains plentiful. Estimated gross rental rates in the submarket remained relatively flat in the second quarter of 2011 at $27.02 per square foot, compared to $27.75 per square foot in the first quarter. Estimated “Class A” rates range from $20 to $45 net per square foot, while “Class B” rates range from $13 to $19 net per square foot.
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Office Sp ace Boca Raton continues to see demand and growth from education, health care and startup technology companies, especially at the FAU Research & Development Park. The local market is repositioning itself and garnering renewed attention through the approval of Florida Atlantic University’s medical school program, the expansion of several private colleges and universities and the efforts of the MedUTech initiative—aimed at growing the city’s existing medical/health care, education and technology clusters.
The unemployment rate as of April 2011 was 10.2 percent in the Boca Raton-Boynton Beach-West Palm Beach area and 10.8 percent in the state of Florida, according to the U.S. Bureau of Labor Statistics. The median annual household income for 2009 in Boca Raton was estimated at $96,467, according to the U.S. Census Bureau’s 2005-2009 American Community Survey. For information on labor issues, jobs and benefits, contact the Palm Beach County Workforce Alliance Administrative Office at 561/340-1061.
TRa NSpORTaTiON Boca Raton is midway between West Palm Beach and Fort Lauderdale, with easy access to airports, train stations, bus stations and
BiG Businesses headquartered in Boca Biotest Pharmaceuticals cor Pora tion BlueGreen cor Pora tion cam Pus m ana Gement ernst & Youn G ll P Garda World s ecurit Y cor Pora tion t he G eo Grou P inc. iBm Jarden consumer s olutions l exis n exis ncci h oldin Gs inc. o ce n orth a merica o ffice d ePot inc. tY co u .s . f oodservice
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at a Glance ❙❙ Florida is one o F the few states in the country with no personal state income tax, a factor that has contributed to business relocations and population growth. ❙❙ Boca r aton has a solid mix of small business and Fortune 500 companies, and it works closely with the Business Development Board of Palm Beach County (BDB) to assist in the retention, expansion and attraction of high-quality jobs to this area. ❙❙ th e per Fect com Bina tion of top-level corporate executives, wealthy retirees and a booming tourism industry gives Boca Raton a continued infusion of capital investment and keeps local deposits hovering around the $9 billion mark. ❙❙ Boca r aton continues to see demand and growth from education, health care and start-up technology companies, especially at the FAU Research & Development Park. ❙❙ With 15.8 million square Feet of Class A and B space, the Boca Raton market houses more than one-third of Palm Beach County’s total office inventory, making it the county’s largest office submarket. ❙❙ Boca r aton is mid Way between West Palm Beach and Fort Lauderdale, with easy access to airports, train stations, bus stations and seaports.
Boca chamBer annual 2012
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