Boca Raton has long been a magnet for financial services firms, but the surge in this sector has skyrocketed since the pandemic. According to ESRI data, in 2020 Boca Raton was home to 461 securities firms; by mid-2023, the same report lists 511 businesses in this sector. The addition of these 50 security, commodity, and financial services firms doesn’t include the expansions of existing finance firms that already call Boca Raton home.
Since the first quarter of 2022, there have been five significant lease deals surrounding the financial services industry. The deals, which totaled 159,785 square feet of office space, include two lease renewals, two new leases and one office expansion. Although most of these leases occurred in midtown Boca, there’s a shift of interest starting as financial firms start gravitating toward downtown Boca Raton. Most of this newfound interest can be credited to the installation of the new Brightline station, which allows commuters from Miami, Fort Lauderdale, Aventura, and West Palm Beach to get to their offices efficiently.
Financial Firms Seeking Office Space in Downtown Boca
Palmetto Park City Center, a five-story office building at 120 E. Palmetto Park Road was acquired by Grover Corlew in March 2022. Since the acquisition, 88% of the building has been leased. In the past year, nine companies have signed new leases and three of the nine were companies in the financial services industry. One of the financial services companies is national accounting firm Forvis and the other two are New York-based investment management firms.
New Class A Office Space Coming to Downtown Boca
With the ease of commuting by Brightline, the migration of new businesses to Boca’s downtown will continue, especially with the addition of the new Class A office space that’s currently underway. Developed by Compson Associates, Aletto Square will be located near Sanborn Square and will feature two office buildings. One will be a 10-story structure with a rooftop restaurant and the other will be a six-story office building with a parking garage. Aletto Square is slated for completion in 2025 and will be the first Class A office space built in downtown Boca Raton in 20 years.
This post is sponsored by Boca Raton Office of Economic Development