MIAMI—Boca Raton's office space inventory is seeing stronger absorption—and prices are rising. With that, the Sanctuary Center reports a sell out of its office condos.

The 180,442-square-foot office building closed six office condo sales in recent weeks, completing the sell-out of all developer-owned space in the class A complex. Commercial Florida Realty Services managing principal George Sacks, whose firm brokered the transactions, says the sell out is proof that perseverance and focus can pay off during a long, tough recession.

"Boca's office market took years to stabilize, but we've seen it begin to turn upward in just the last few weeks," says Sacks. "Sanctuary Centre's office condo sale prices have jumped, and resale units being placed on the market are priced 30% to 50% higher than the sale prices of even our most recently closed units."