Delray Beach Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $34.38 2023 Avg. Asking Rent
  • 10.54% 2023 Office Vacancy Rate
  • $18.4M2023 Total Office Sales
  • $267.92Avg. Sale Price/SF

Delray Beach office price per square foot in 2023 was $34.38 on average. The local office market recorded an average vacancy rate of 10.54% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $18.4M. Delray Beach office space commanded an average sale price per square foot of $267.92.

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

  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Delray Beach, FL Office Asking Rents by Class

2023 Office Vacancy Rates in Delray Beach

Submarket Asking Rents Vacancy Rates
Delray Beach $34.38 10.54%
Boynton Beach $32.50 4.99%
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 Delray Beach market was 10.54% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Delray Beach was 4.99% in the Boynton Beach submarket, while the highest office vacancy in the market was 10.54%, recorded in Delray Beach.

Office Spaces for Rent in Florida

Delray Beach Office Sale Price per SF

  • $267.922023 Avg. Price per SF
  • -40.71%Y-o-Y Avg. PpSF Change
  • $18.4M2023 Office Sales Volume
  • 42023 Number of Transactions

Delray Beach, FL Sale Price per SF Trend

  • Delray Beach Avg. Sale Price per SF in 2023$267.92
  • Florida Avg. Sale Price per SF in 2023$213.92
Delray Beach office space cost in 2023 marked a -40.71% change compared to the previous year. The sale price for office space in Delray Beach averaged $267.92 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

  • Delray Beach, FL Total Office Sales Volume in 2023 $18.4M
  • Delray Beach, FL Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Delray Beach office market in 2023, adding up to a yearly sales volume of $18.4M. Notably, the largest transaction on the market saw 800 NW 17th Avenue change hands for $6,485,875 on 7/6/2023.
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Delray Beach, FL

  • Delray Beach, FL Total SF under construction in 2024 180,000
Largest Office Properties Recently Completed in Delray Beach
Office building Address SF Completed
4600 Linton Blvd 4600 West Linton Blvd, 33445 33,411 2010
Town Square 55 NE 5th Avenue, 33483 18,676 2001
16120 S Jog Road 16120 S Jog Road, 33446 3,621 2000
Delray Professional Center 1300 NW 17th Avenue, 33445 41,643 1989
16244 South Military Trail 16244 South Military Trail, 33484 60,702 1986
Palm Court Plaza & Professional Center 5150 Linton Boulevard, 33484 137,760 1985
223 NE 5th Ave 223 NE 5th Ave, 33483 4,050 1984
5162, 5210 & 5258 Linton Blvd 5162 Linton Blvd, 33484 82,773 1982
The Arbors 1690 South Congress Avenue, 33445 70,093 1982
Delray Medical Center #304 5210 Linton Boulevard, 33484 1,400 1982

Worth noting among recent office completions on the Delray Beach market is 4600 Linton Blvd, which is currently the largest new office development in the city, at 33,411 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 Delray Beach 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.