The Boca Raton office market consists of three business districts: North, East and West. Major tenants include corporate giants such as Office Depot, IBM and ADT Security. Class A and Class B rents have grown 3% since the start of the year with Class A rates at $35.33 per square foot and Class B at $27.83 per square foot.

The GEO Group’s relocation to their new HQ at 4955 Technology Way created a major vacancy at One Park Place which is now marketing 141,000 square feet for lease.

Recent sales in the Boca Raton market include the 88,509 SF Wells Fargo Plaza which traded for $27.2 million or $308/SF and 1501 Yamato Road which sold for $42 million or $245/SF.