The Real Deal Miami

Boca office market sets pace in 2013

City leads Palm Beach County in leasing activity
Newsmax Media building at the Arvida Park of Commerce

Newsmax Media building

Sparked by a substantial increase in leasing activity, Boca Raton’s office market is setting the pace for the rest of Palm Beach County.

Boca’s year-over-year leased office space rose nearly 100,000 square feet in 2013, the Sun-Sentinel reported. That led all cities in Palm Beach County. The largest transactions of the year included Newsmax Media and Conifer Revenue Cycle leasing a combined 148,000 square feet at the Arvida Park of Commerce.

“We’re having one of the healthiest upticks we’ve had in seven years,” Boca broker Keith O’Donnell told the Sun-Sentinel.

The market still has significant upside, as plenty of vacant office space lingers. Arvida has 1.3 million square feet, or about 25 percent of the business park, available for lease. [Sun-Sentinel]Eric Kalis