Boca Raton Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $34.31 2023 Avg. Asking Rent
  • -1.23% Y-o-Y Avg. Asking Rent Change
  • 12.53% 2023 Office Vacancy Rate
  • $195M2023 Total Office Sales
  • $193.21Avg. Sale Price/SF

Boca Raton office price per square foot in 2023 was $34.31 on average. This marked a -1.23% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 12.53% across all asset classes combined. The 9 transactions that closed here throughout 2023 amounted to a total sale volume of $195M. Boca Raton office space commanded an average sale price per square foot of $193.21.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Boca Raton Class A & A+ Office Space$34.62
  • Boca Raton Class B Office Space$33.46
  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Boca Raton, FL Office Asking Rents by Class

2023 Office Vacancy Rates in Boca Raton

Submarket Asking Rents Vacancy Rates
Boca Raton - East $38.22 0.65%
Boca Raton - Downtown $36.22 16.19%
Boca Raton - Central $36.02 13.44%
Boca Raton - North $33.89 13.71%
Boca Raton - West $24.93 3.96%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Boca Raton market was 12.53% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Boca Raton was 0.65% in the Boca Raton - East submarket, while the highest office vacancy in the market was 16.19%, recorded in Boca Raton - Downtown.

Office Spaces for Rent in Florida

Boca Raton Office Sale Price per SF

  • $193.212023 Avg. Price per SF
  • -33.74%Y-o-Y Avg. PpSF Change
  • $195M2023 Office Sales Volume
  • 92023 Number of Transactions

Boca Raton, FL Sale Price per SF Trend

  • Boca Raton Avg. Sale Price per SF in 2023$193.21
  • Florida Avg. Sale Price per SF in 2023$213.92
Boca Raton office space cost in 2023 marked a -33.74% change compared to the previous year. The sale price for office space in Boca Raton averaged $193.21 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $213.92 per square foot.

2023 Office Sales Volume

  • Boca Raton, FL Total Office Sales Volume in 2023 $195M
  • Boca Raton, FL Total Number of Office Sales Closed in 2023 9
A total of 9 deals closed on the Boca Raton office market in 2023, adding up to a yearly sales volume of $195M. Notably, the largest transaction on the market saw 6600 North Military Trail change hands for $104,000,000 on 4/14/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Boca Raton, FL

  • Boca Raton, FL Total SF completed in 2023 61,500

During 2023, 61,500 square feet of new office space were delivered across the market. At the close of 2023, the Boca Raton office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 61,500 square feet of office space.

Largest Office Properties Recently Completed in Boca Raton
Office building Address SF Completed
1001 SW 2nd Avenue 1001 SW 2nd Avenue, 33432 27,194 2021
Boca Colonnade II 750 Park of Commerce Blvd, 33487 95,331 2008
Boca Clinic 1601 Clint Moore Road, 33487 75,689 2007
101 Renaissance Centre 101 North Federal Hwy, 33432 34,032 2003
The Boca Crown Centre 7999 North Federal Hwy, 33487 28,460 2003
Oaks Medical Complex 660 Glades Road, 33431 3,278 2002
One City Centre 1 N. Federal Hwy, 33432 46,541 2001
One City Centre 1 North Federal Hwy, 33432 40,149 2001
901 Peninsula Corporate Circle 901 Peninsula Corporate Cir, 294,419 2000
Fountain Square III 2700 N Military Trail, 33431 96,000 1999

Worth noting among recent office completions on the Boca Raton market is 1001 SW 2nd Avenue, which is currently the largest new office development in the city, at 27,194 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Boca Raton commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.