Tech Industry Impacts Boca's Office Space

MIAMI-Although Boca Raton, FL is Palm Beach County’s most active submarket in terms of leasing activity and it remains a key corporate market, the technology industry’s downsizing has had a negative effect on office space availabilities, according to Cushman & Wakefield’s year-end office overview for the county.

The city has been flooded with large amounts of direct and sublease availabilities, the report states. The vacancies include the former Sensormatic Building, which has 150,000 sf of available office space; the Broken Sound Plaza I, which was occupied by Adir and has almost 75,000 sf of vacant space; and The North 40 Building, which was occupied by Cingular Wireless, which has more than 70,000 sf available.

However, the city’s overall vacancy rate only increased 0.5% to 16.5% as of the end of 2002, showing that Boca Raton is still the county’s corporate center, the report states.