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GoCommercial, Boca Raton
101 N Federal Highway, 5th Floor
Boca Raton, FL 33432
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Market Overview
Commercial real estate in Boca Raton, Florida
The rest of the market is more mixed. Average office vacancy across the three submarkets is about 12%, above the county's 8.4%, and buyers have spent more than $300 million in the past year on Boca office buildings along Glades Road, Yamato Road and Congress Avenue, most of them built in the 1980s and several of them partly vacant, at $186 to $407 per SF. Downtown, The Aletto, billed by its developers as the first new Class A office building downtown in nearly 25 years, is under construction while voters in March rejected the One Boca plan for the city's government campus. Beyond office, Boca Raton is a 102,000-resident city with a hospital opening a new tower of more than 200 private rooms, a Brightline station downtown, a Tri-Rail station on Yamato Road and apartment communities trading above $500,000 per unit.
Key takeaways · November 2026
- Boca Raton is the county's largest office market at about 18.5 million SF, with average vacancy near 12% against 8.4% countywide.
- Boca Raton North absorbed about 436,000 SF, the most in the county, led by Fiserv's 254,269 SF lease at BRiC.
- Buyers spent more than $300 million on older Boca office buildings in the past year, at $186 to $407 per SF.
- All three Boca retail submarkets are under 4% vacancy, with rents up more than 8%.
- Voters rejected the One Boca plan for the downtown government campus in March 2026.
What Drives Demand
Why Boca Raton
01
The county's largest office market
About 18.5 million SF across Boca Raton East, North and West, roughly 31% of Palm Beach County's office inventory (CoStar). Boca Raton North led the county in absorption over the past year at about 436,000 SF.
02
Corporate and technology tenants
Fiserv signed the largest office lease in the county over the past twelve months, 254,269 SF at BRiC. D-Wave is relocating its corporate headquarters and U.S. R&D to BRiC by the end of 2026, and Celsius, UBS and MDVIP all took or renewed large blocks in 2025 and 2026.
03
Health care
Baptist Health's Boca Raton Regional Hospital is opening the Gloria Drummond Patient Tower at the end of October 2026, more than 200 private rooms in a roughly $1 billion facility, adding to demand for medical office around Meadows Road and the Glades Road corridor.
04
Transit and education
Brightline stops downtown and Tri-Rail serves Yamato Road, where the 340-unit Link at Boca broke ground in February 2026. Florida Atlantic University's main campus will host D-Wave's Advantage2 quantum computer under a $20 million agreement.
Submarkets & Corridors
Where the activity is
Downtown, Mizner Park and Royal Palm Place
CoStar's Boca Raton East submarket: $50.86 per SF and 10.4% vacancy. The Aletto is under construction on East Palmetto Park Road, and a 12-story, 219-room hotel was approved in March 2026 next to Mizner Park.
Glades Road, Town Center and Boca Center
Boca Raton West: the highest office rents in the city at $56.49 per SF, up 8.4% in a year, the fastest rent growth in the county. One Boca Place and Two Town Center both sold in fall 2026.
BRiC, Park at Broken Sound and Yamato Road
Boca Raton North: 7.4 million SF, 13.3% vacancy and the county's strongest absorption. Related Ross bought the 124-acre, 1.7 million SF BRiC campus in 2026 and plans to add amenities, retail and restaurants.
Congress Avenue and the I-95 corridor
Flex, light industrial, service and suburban office, plus the Link at Boca transit-oriented project at the Tri-Rail station on Yamato Road.
Federal Highway and Palmetto Park Road
Neighborhood and destination retail, restaurants, medical office and mid-rise multifamily east of I-95.
West Boca
Mostly unincorporated Palm Beach County: neighborhood retail, medical office and garden apartments. Uptown Boca Villas, 456 units, sold for $240 million in May 2026.
Asset Classes
What we sell and lease in Boca Raton
All asset classes
Office
Florida office is a tale of two markets: suburban, well-located buildings that owner-users and private investors want, and older product that needs repositioning.
Explore Office
Healthcare & Medical Office
An aging, growing population makes Florida medical office one of the most durable asset classes in the state.
Explore Healthcare & Medical Office
Retail & Net Lease
From a single-tenant net lease property bought on a 1031 exchange to a grocery-anchored center, retail is a credit and location business.
Explore Retail & Net Lease
Multifamily
Multifamily is the deepest part of GoCommercial's track record: stabilized communities, value-add properties, small buildings and portfolios, and large build-to-rent communities in every region of Florida.
Explore Multifamily
Industrial, Warehouse & Outdoor Storage
Florida's industrial market runs on logistics, population growth and a shortage of zoned land.
Explore Industrial, Warehouse & Outdoor StorageOwn property here?
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Market Data · CoStar
Market data: Boca Raton
CoStar figures for the metro and the submarkets that cover Boca Raton. Each table states its period and rent basis. Full Florida market report ›
GoCommercial Market Analysis · Boca Raton
CoStar's current figures for Palm Beach County, the market that covers Boca Raton, put asking rents at office $51.22 per SF (+6.9%) with 8.4% vacancy, down 39 bps year over year; industrial $18.62 per SF (+2.3%) with 7.9% vacancy, up 106 bps year over year; retail $39.79 per SF (+6.8%) with 3.9% vacancy, up 20 bps year over year; and multifamily $2,580 per unit (+3.0%) with 6.4% vacancy, down 56 bps year over year.
Over the past 12 months, office absorbed 306K SF against 10K SF delivered, with 2.5M SF under construction (4.2% of inventory). Industrial absorbed 83K SF against 959K SF delivered, with 234K SF under construction (0.3% of inventory). Retail absorbed 219K SF against 298K SF delivered, with 282K SF under construction (0.3% of inventory). Multifamily absorbed 1,932 units against 1,383 units delivered, with 8,503 units under construction (10.0% of inventory).
Investment sales across the four property types totaled about $4.42B over the trailing 12 months across 871 transactions, at market cap rates of office 7.2%, industrial 6.4%, retail 6.1% and multifamily 5.0%.
Our read: Palm Beach County posts the strongest rent growth in the state across office, retail and multifamily, with vacancy falling in office and multifamily. The caution is in the pipeline: 2.5 million SF of office (4.2% of inventory) and 8,500 apartment units (10% of inventory) are under construction, well above the county's historical pace. We expect the best-located new product to lease, and older assets along the same corridors to compete on price and concessions while that happens.
Analysis by GoCommercial. Reviewed by Brad Kuskin, Founding Principal, on November 10, 2026.
GoCommercial analysis of CoStar market data, Q4 2026 quarter to date. Metro figures are CoStar's; multi-county figures are weighted by inventory. Updated each quarter as new data publishes.
Office
Palm Beach County office asking rents average $51.22 per SF, +6.9% over the past 12 months. Vacancy is 8.4%, down from 8.8% a year earlier. The market absorbed 306K SF over the past year against 10K SF delivered, with 2.5M SF under construction. Investment sales over the trailing 12 months totaled about $869M across 311 transactions at a market cap rate of 7.2%.
| Market | Asking rent / SF | 12-mo change | Vacancy | 12-mo absorption | Under construction | Cap rate |
|---|---|---|---|---|---|---|
| Palm Beach County | $51.22 | +6.9% | 8.4% | 306K SF | 2.5M SF | 7.2% |
| Boca Raton Northsubmarket | $46.85 | +6.7% | 13.3% | 434K SF | 0 SF | 7.8% |
| Boca Raton Eastsubmarket | $50.86 | +6.2% | 10.4% | −47K SF | 221K SF | 7.4% |
| Boca Raton Westsubmarket | $56.48 | +8.3% | 11.8% | −38K SF | 0 SF | 7.4% |
Source: CoStar, Florida Office market and submarket data, Palm Beach County, Q4 2026 (quarter to date, retrieved November 2026). Market asking rent, $/SF/year, full-service equivalent. 12-month figures are trailing four quarters. Analysis and commentary by GoCommercial.
Palm Beach County · asking rent and vacancy, Q4 each year
2021$36.558.5% vacant
2022$40.517.1% vacant
2023$42.997.7% vacant
2024$45.548.5% vacant
2025$48.348.8% vacant
2026$51.228.4% vacant
Industrial
Palm Beach County industrial asking rents average $18.62 per SF, +2.3% over the past 12 months. Vacancy is 7.9%, up from 6.8% a year earlier. The market absorbed 83K SF over the past year against 959K SF delivered, with 234K SF under construction. Investment sales over the trailing 12 months totaled about $767M across 236 transactions at a market cap rate of 6.4%.
| Market | Asking rent / SF | 12-mo change | Vacancy | 12-mo absorption | Under construction | Cap rate |
|---|---|---|---|---|---|---|
| Palm Beach County | $18.62 | +2.3% | 7.9% | 83K SF | 234K SF | 6.4% |
| Park at Broken Soundsubmarket | $22.19 | +3.1% | 4.0% | 24K SF | 0 SF | 6.7% |
| Boca Raton Eastsubmarket | $25.51 | +2.0% | 4.3% | 14K SF | 0 SF | 6.4% |
| Boca Raton Westsubmarket | $18.71 | +2.7% | 0.0% | 214K SF | 0 SF | 6.5% |
Source: CoStar, Florida Industrial market and submarket data, Palm Beach County, Q4 2026 (quarter to date, retrieved November 2026). Market asking rent, $/SF/year, triple net, all industrial subtypes. 12-month figures are trailing four quarters. Analysis and commentary by GoCommercial.
Retail
Palm Beach County retail asking rents average $39.79 per SF, +6.8% over the past 12 months. Vacancy is 3.9%, up from 3.7% a year earlier. The market absorbed 219K SF over the past year against 298K SF delivered, with 282K SF under construction. Investment sales over the trailing 12 months totaled about $1.32B across 260 transactions at a market cap rate of 6.1%.
| Market | Asking rent / SF | 12-mo change | Vacancy | 12-mo absorption | Under construction | Cap rate |
|---|---|---|---|---|---|---|
| Palm Beach County | $39.79 | +6.8% | 3.9% | 219K SF | 282K SF | 6.1% |
| Boca Raton Westsubmarket | $51.35 | +8.4% | 2.5% | −21K SF | 37K SF | 5.9% |
| Boca Raton Eastsubmarket | $48.07 | +8.0% | 3.8% | −2K SF | 27K SF | 5.7% |
| Boca Raton Northsubmarket | $58.35 | +8.4% | 1.6% | −1K SF | 21K SF | 5.8% |
Source: CoStar, Florida Retail market and submarket data, Palm Beach County, Q4 2026 (quarter to date, retrieved November 2026). Market asking rent, $/SF/year, triple net. 12-month figures are trailing four quarters. Analysis and commentary by GoCommercial.
Multifamily
Palm Beach County multifamily asking rents average $2,580 per unit per month, +3.0% over the past 12 months. Vacancy is 6.4%, down from 6.9% a year earlier. The market absorbed 1,932 units over the past year against 1,383 units delivered, with 8,503 units under construction. Investment sales over the trailing 12 months totaled about $1.47B across 64 transactions at a market cap rate of 5.0%.
| Market | Asking rent / unit | 12-mo change | Vacancy | 12-mo absorption | Under construction | Cap rate |
|---|---|---|---|---|---|---|
| Palm Beach County | $2,580 | +3.0% | 6.4% | 1,932 units | 8,503 units | 5.0% |
| Boca Ratonsubmarket | $2,896 | +2.3% | 5.2% | 190 units | 1,422 units | 5.0% |
Source: CoStar, Florida Multifamily market and submarket data, Palm Beach County, Q4 2026 (quarter to date, retrieved November 2026). Market asking rent, $/unit/month; inventory, absorption and construction in units. 12-month figures are trailing four quarters. Analysis and commentary by GoCommercial.
Hospitality
| Market | ADR | Occupancy | RevPAR | 12-mo RevPAR change | Rooms | Under construction | Cap rate |
|---|---|---|---|---|---|---|---|
| Boca Ratonsubmarket | $267.28 | 69.0% | $184.54 | +10.7% | 7,800 | 200 rooms | 7.5% |
Source: CoStar, Florida Hospitality market and submarket data, Palm Beach County, 12 months to September 2026 (monthly series, retrieved November 2026). Average daily rate, occupancy and RevPAR, trailing 12 months; inventory in rooms. Sales volume and transactions are trailing 12 months. Analysis and commentary by GoCommercial.
What we are seeing in Boca Raton
Boca Raton is bustling. Our office leasing initiatives remain strong, and on corporate investment sales, where we represent both buyers and sellers, transactions have been relatively friction free because so many buyers want a position in the Boca market.
Along Boca's northern Federal Highway corridor, close to downtown, we recently sold a fully stabilized 35,000 SF office building in a prime location as part of a larger portfolio disposition, working closely with our client. We represented both sides and separately negotiated the building's cellular tower lease and its sale.
We are also working on a large development assemblage on Federal Highway. Western Boca is really taking shape.
Brad Kuskin, Founding Principal, GoCommercial. November 2026.
The Boca Raton office market
Boca Raton is really three office markets. Boca Raton West, around Glades Road, Town Center and Boca Center, has the city's highest asking rents at $56.49 per SF and the fastest rent growth in the county, 8.4% in a year, with vacancy at 11.8%. Boca Raton East, downtown and along Federal Highway, averages $50.86 at 10.4% vacancy. Boca Raton North, the BRiC and Park at Broken Sound campuses along Yamato Road and Congress Avenue, is the largest at 7.4 million SF, the cheapest at $46.81, and the most vacant at 13.3%, yet it absorbed about 436,000 SF over the past year while East and West each gave back space.
That split explains where capital is going. Buyers paid $186 to $407 per SF this year for older Boca office buildings, several of them 23% to 46% vacant, betting that the tenants moving into BRiC and downtown will keep filling Boca's better-located older stock. For owners of those buildings, rent and vacancy against the submarket average now matter more to value than the cap rate on current income. For tenants, Boca still offers real choice: most submarkets have double-digit vacancy, while new downtown space at The Aletto is about three-quarters pre-leased before delivery.
Retail, industrial, apartments and hotels
Rents and vacancy are CoStar, Q4 2026. Hotel figures are trailing 12 months.
| Property type | CoStar submarket | Asking rent | Vacancy | Past 12 months |
|---|---|---|---|---|
| Retail, downtown and east | Boca Raton East | $48.07/SF | 3.8% | Rent +8.1% |
| Retail, Glades Road and Town Center | Boca Raton West | $51.35/SF | 2.4% | Rent +8.5% |
| Retail, Yamato Road and north | Boca Raton North | $58.35/SF | 1.6% | Rent +8.5%, the fastest in the county |
| Industrial and flex, east | Boca Raton East | $25.52/SF | 4.3% | Rent +2.1%; the highest industrial rent in the county |
| Industrial and flex | Park at Broken Sound | $22.20/SF | 4.0% | Rent +3.1%; about 26,000 SF absorbed |
| Multifamily | Boca Raton | $2,897/unit | 5.2% | Rent +2.3%; 1,422 units under construction |
| Hotels | Boca Raton (CoStar's southern hotel submarket) | $266.65 average daily rate | 69.0% occupancy | Revenue per room $184.10, up 10.7% |
Boca Raton retail is among the tightest and fastest-growing in the county, with all three submarkets under 4% vacancy and rents up more than 8% in a year. Industrial space is scarce and expensive: Boca Raton East has the highest industrial asking rent in Palm Beach County, and the Park at Broken Sound holds about 5.4 million SF of flex and light industrial at 4% vacancy. Apartments are steady at 5.2% vacancy with 1,422 units under construction. Recent retail trades include three buildings on Yamato Road, among them Regency Court at Woodfield, for about $90.3 million combined in October 2026, and Polo Club Shoppes on Champion Boulevard for $67.5 million in December 2025.
Development and investment pipeline
| Project | Program | Status |
|---|---|---|
| The Aletto, 119 E Palmetto Park Road | Two towers, about 117,000 SF Class A office and 23,000 SF retail (Compson Associates and NADG); $74 million construction loan | Under construction; first building early 2027, second late 2027 |
| Boca Raton Innovation Campus (BRiC) | 1.7 million SF on 124 acres; Fiserv and D-Wave among tenants | Acquired by Related Ross in 2026; amenities, retail and restaurants planned |
| Link at Boca, 680 W Yamato Road | 340 apartments and about 24,000 SF retail beside the Tri-Rail station (13th Floor Investments and Rockpoint) | Broke ground February 2026; about 24 months |
| Mizner Plaza hotel, 132 and 170 NE 2nd Street | 12 stories, 219 rooms, more than 30,000 SF retail and restaurants | Approved by the Boca Raton CRA, March 2026 |
| Gloria Drummond Patient Tower | More than 200 private rooms, Boca Raton Regional Hospital | Opening end of October 2026 |
| D-Wave headquarters and U.S. R&D | About 25,000 SF at BRiC | Relocation from Palo Alto by end of 2026 |
| Downtown government campus | One Boca public-private redevelopment (Terra and Frisbie Group) | Rejected by voters, March 2026; no current plan |
Boca Raton by the numbers
Figures with the period and source for each.
| Measure | Figure | Period | Source |
|---|---|---|---|
| Population | 102,238 (97,436 in 2020) | July 1, 2024 | U.S. Census Bureau |
| City taxable value | $42.71 billion (+6.63%), including $587 million of net new value | 2026 preliminary roll | Palm Beach County Property Appraiser |
| Office inventory, three Boca submarkets | About 18.5 million SF; about 31% of the county | Q4 2026 | CoStar |
| Boca Raton West office rent and vacancy | $56.49/SF (+8.4% YoY); 11.8% vacancy | Q4 2026 | CoStar |
| Boca Raton East office rent and vacancy | $50.86/SF (+6.3% YoY); 10.4% vacancy | Q4 2026 | CoStar |
| Boca Raton North office rent and vacancy | $46.81/SF (+6.8% YoY); 13.3% vacancy | Q4 2026 | CoStar |
| Boca Raton North net absorption | About 436,000 SF, the most in the county | Past 12 months, Q4 2026 | CoStar |
| Office under construction | About 221,000 SF (The Aletto); 74.5% pre-leased | Q4 2026 | CoStar |
| 4 and 5 Star office operating expenses | $17.44/SF per year, including $5.01 in real estate taxes | Q4 2026 | CoStar |
Recent transactions
Reported sales in Boca Raton over the past year. GoCommercial was not a party to these transactions unless stated.
- Boca Raton Innovation Campus, 1.7 million SF office on 124 acres. Sold by CP Group and DRA Advisors to Related Ross, summer 2026; price not disclosed.
- Uptown Boca Villas, 456 apartments, 20927 95th Avenue South. Sold by Cortland to Property Reserve for $240 million (just over $525,000 per unit), May 2026.
- One Boca Place, 2255 Glades Road, 286,890 SF office. Sold by CP Group and Harrison Street to Golden East Investors for $78.9 million ($275 per SF), October 2026; 30.9% vacant at sale.
- Two Town Center, 5355 Town Center Road, 152,400 SF office. Sold by CP Group to Thor Equities for $62 million ($407 per SF), September 2026.
- 5201 Congress Avenue and North 40, 901 Yamato Road, about 342,000 SF office. Sold together for about $64 million ($186 to $188 per SF), October 2026; 41% and 46% vacant at sale.
- City National Bank Plaza, 7000 W Palmetto Park Road, 131,945 SF office. Sold for $24.9 million ($189 per SF), February 2026.
- Bank of America Plaza, 2000 Glades Road, 59,667 SF office. Sold for $22 million ($368 per SF), April 2026.
Zoning, policy and constraints
- The government campus vote. On March 10, 2026, about 74% of voters rejected One Boca, the Terra and Frisbie Group plan to redevelop the city-owned downtown government campus with a new city hall, offices, a hotel, shops and restaurants under a 99-year lease. A future council could bring a different plan. Downtown owners should expect continued resident scrutiny of height, traffic and public land.
- Downtown CRA review. Downtown projects go through the Boca Raton Community Redevelopment Agency. The Mizner Plaza hotel was approved in March 2026 with conditions on traffic, alley loading, parking and construction monitoring, a sign of how detailed that review has become.
- City versus county jurisdiction. Much of West Boca, including many properties with a Boca Raton mailing address west of the Turnpike, is unincorporated Palm Beach County with different zoning, approvals and impact fees. Confirm jurisdiction before underwriting.
- Operating costs. CoStar puts 4 and 5 Star office operating expenses in Boca Raton at $17.44 per SF per year, including $5.01 in real estate taxes.
What to evaluate in Boca Raton
If you own and are considering a sale
- Your vacancy and rent against your CoStar submarket, which now matter more to value than the cap rate on current income
- Lease rollover in the next 24 months and how it reads to a value-add buyer
- Whether your site sits in the city or unincorporated West Boca, which changes zoning and approvals
- Parking ratio, which limits conversion of office to medical use
If you are buying
- Recent trades at $186 to $407 per SF for older office against what the same tenants pay in new space
- Capital needed for roofs, elevators, HVAC and parking before lease-up
If you are a landlord
- How BRiC's new ownership and amenities change what tenants expect along Yamato Road
- Concessions and tenant improvement packages in buildings with double-digit vacancy
- Retail rents rising above 8% a year, and whether leases include market resets
If you are a tenant
- Choice: most Boca office submarkets are 10% to 13% vacant, so terms are negotiable
- Downtown space at The Aletto is about three-quarters pre-leased before delivery
- Total occupancy cost, including CoStar's $17.44 per SF operating estimate for 4 and 5 Star buildings
How GoCommercial works in Boca Raton
01
Investment sales
Value-add and stabilized office, retail and multifamily sales to private and institutional buyers. Learn more
02
Landlord representation
Leasing older office along Glades, Yamato and Congress against new and repositioned space. Learn more
03
Tenant representation
Office and medical searches and renewals across downtown, BRiC and the Park at Broken Sound. Learn more
04
Valuation and advisory
Broker opinions of value for owners weighing a sale, a refinance or a hold. Learn more
Market statistics marked CoStar are from CoStar Group, Q4 2026, as of November 5, 2026. Other figures are drawn from the public sources cited and news reports of individual projects and transactions, last reviewed November 5, 2026. Commentary reflects GoCommercial's read of the market and is not a guarantee of pricing or performance.
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Guides for this market: Shared Office Space in Boca Raton: Market Outlook
Property films from this market: Office Building at 8000 N Federal Highway
Questions
Frequently asked
Is Boca Raton office a good investment right now?
For value-add buyers it has been an active year: older Boca office buildings, several of them 23% to 46% vacant, traded at $186 to $407 per SF, while the Boca Raton North submarket absorbed more space than any other in the county. The risk is vacancy, which averages about 12% across Boca against 8.4% countywide, so leasing assumptions drive the result.
Which part of Boca Raton has the highest office rents?
Boca Raton West, around Glades Road, Town Center and Boca Center, at an average $56.49 per SF with the fastest rent growth in the county, 8.4% in a year. Downtown averages $50.86 and the BRiC and Park at Broken Sound area $46.81 (CoStar, Q4 2026).
What happened to the One Boca downtown campus project?
Voters rejected it on March 10, 2026, by roughly 74% to 25%. The government campus remains city-owned with no current redevelopment plan, though a future council could propose a different one.
Where is your Boca Raton office?
GoCommercial works from the Compass office at 101 N Federal Highway, 5th Floor, Boca Raton, FL 33432, in downtown Boca Raton. Call (561) 295-8311.
Can you find off-market commercial property in Boca Raton?
Yes. Tell us the asset type, price range and timing you want, and a senior advisor will share private and off-market opportunities in Boca Raton that fit. Owners can also sell confidentially without a public listing.
Do you cover Delray Beach and Deerfield Beach from Boca?
Yes. Our Boca Raton advisors cover south Palm Beach County and north Broward, including Delray Beach, Boynton Beach and Deerfield Beach.