Tuesday, April 16, 2024

Boca Closes 2023 with Record Business Growth

It’s been a great year for business in Boca Raton. Over the past year, Boca has experienced robust economic growth, marked by a thriving business community, increased job opportunities, and strategic initiatives that have further solidified its position as a hub for innovation and prosperity. Through collaborative efforts with local businesses, educational institutions, and government partners, we have yielded positive results, fostering a vibrant community that attracts talent and investment. 

Here’s a look back at Boca business in 2023 from the Boca Office of Economic Development’s 2023 Annual Report

Significant Commercial Leasing Activity

Businesses want to be in Boca Raton. A stand-out among top cities in Palm Beach and Broward counties, Boca Raton far outpaced West Palm Beach and Fort Lauderdale with significant office space leased.

Corporate Office Inventory

The City’s varied corporate inventory includes corporate campuses, downtown destinations, historic complexes, customizable spaces, live-work-play options, and more. Some of Boca’s top corporate properties are featured below.

Boca Raton Innovation Campus rendering

An original IBM campus, the Boca Raton Innovation Campus (BRiC) is a state-of-the-art 1.7 million square foot office park. Future plans include a live-work-play campus featuring residential, hospitality, retail, a cultural center and amphitheater, and other public amenities.

The Park at Broken Sound rendering

The Park at Broken Sound is a 700-acre planned mobility commercial and residential hub with a perfect blend of work/life features. The site includes 9 residential properties, 5.2 million square feet of office space, and is home to companies ranging from global HQs to entrepreneurial start-ups.

New Class A Office Coming to Boca Raton

Midtown Place rendering

Midtown Place will bring a modern, 120,000 square foot, five-story multi-tenant Class A+ office building to Midtown Boca Raton. The project also offers spaces ranging from 10,372 square feet to a full floor at 29,357 square feet, allowing companies to design collaborative spaces. This building is slated for completion mid-2024.

Aletto Square rendering

Aletto Square will offer Class A office space on a 1.31-acre site in Downtown Boca. The project will include a 104,358 sq. ft. 10-story office building and 19,176 sq. ft. of retail space. The 29,815 sq. ft. 6-story office building will include structured parking, restaurants, a fitness center and outdoor gardens.

Center for Arts and Innovation rendering

The Center for Arts & Innovation is a creative campus with event space ranging from 99 to 3500 seats. The campus will offer 7 different flexible and innovative, indoor and outdoor spaces. This center is expected to bring a $1.3 billion total economic impact to the local economy in the first 5 years of operation. Groundbreaking is expected in 2025.

This post is sponsored by Boca Raton Office of Economic Development

Jessica Del Vecchio
Jessica Del Vecchio
Jessica Del Vecchio is the Economic Development Manager for the City of Boca Raton. The City of Boca Raton's Office of Economic Development was established in April 2015. Since its inception, the Office has successfully facilitated dozens of corporate relocation and expansion projects; including one of the largest corporate deals in Palm Beach County, which committed to creating over 800 new jobs in Boca Raton. The Office of Economic Development is ready to assist in all corporate relocation and expansion needs and may be reached at EconomicDevelopment@MyBoca.us.

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