Sparked by a substantial increase in leasing activity, Boca Raton’s office market is setting the pace for the rest of Palm Beach County.
Boca’s year-over-year leased office space rose nearly 100,000 square feet in 2013, the Sun-Sentinel reported. That led all cities in Palm Beach County. The largest transactions of the year included Newsmax Media and Conifer Revenue Cycle leasing a combined 148,000 square feet at the Arvida Park of Commerce.
“We’re having one of the healthiest upticks we’ve had in seven years,” Boca broker Keith O’Donnell told the Sun-Sentinel.
The market still has significant upside, as plenty of vacant office space lingers. Arvida has 1.3 million square feet, or about 25 percent of the business park, available for lease. [Sun-Sentinel] — Eric Kalis