Boca Raton's office market remains hot as a 179,837 square-foot, four-story Class A office building sold for $51M.
The building, located at 1515 South Federal Highway, sits on a 3.66-acre parcel near the downtown core.
The influx of finance and tech firms has helped bring the vacancy rate down to a 10-year low of 9.8% and a high rental rate of $41.54 per square foot. This has attracted investors with the office sales volume in 2021 reaching $922 million. So far this year, Boca Raton has seen $345 million in office investment sales with the price per square foot at $248. Right now, there are more cross-border investors, which is a trend that's expected to continue.
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Melea VanOstrand
Melea VanOstrand oversees the Daily Business Review as ALM's Florida Bureau Chief. Email Melea at [email protected] or follow her on her Twitter or Facebook pages.
