Boca Raton Vacancy Rates on the Decline
A strong economy combined with heavy residential development taking up the available vacant land translates to declining vacancy rates for commercial and industrial properties in the Boca Raton, Florida market according to CB Richard Ellis. Industrial space leasing at an average rate of $7.96 per square feet has only a 4.1 percent vacancy rate. Office space vacancy rate is 8.8 percent with lease rates of $16.90 per square foot. 47,500 square feet of office space is under construction with more planned, but little if any industrial development is occurring, so expect industrial vacancy rates to remain tight.
«Because the economy is coming back pretty strong, any future developments being planned will be leased rather quickly due to the demand we face here and the remainder of Palm Beach,» Kelly said. «Vacancy rates are destined to stay tight for some time.»
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