- 1 Minute Read
- 08th August 2008
New Office Space Developments & Corporate Downsizing Create Office Building Boom in Boca Raton
In Florida generally, office space vacancy rates have begun to rise due in part to corporate downsizing, especially in the Palm Beach County in Boca Raton. Here they are experiencing somewhat of an office building boom as new office space development projects continue to be delivered.
According to CB Richard Ellis Market Report for the second quarter of 2008, Florida’s market is still prospering in some areas thanks to continued strong fundamentals. However, there are some signs of weakness such as corporate bankruptcies or downsizings that leave Boca Raton in an office building boom.
Nearly 1 million square feet of new office space is due to be delivered this year, for both West Palm Beach and Boca Raton. Right now there seems to be a real increase in office space availability in these areas in Florida as the fragile US economy causes more and more businesses to rethink there strategies on capital expenditure. This is putting pressure on landlords to drop asking rents in order to fill the expanding vacant space.
Not so good for landlords but there is good news for all the tenants. As the office market sees a decrease of the demand and an increase of supply, tenants looking to cut business expenses by getting into lower-cost space have an opportunity for a great deal.
Search Office Space, a broker specialized in shared & short term office space across the United States, are advertising many more properties with rent free periods and many other special offers in Boca Raton, Florida. They can help landlords to fill vacant space quickly as well as offer tenants cost effective office space solutions.
This flexible type of office space allows companies to upsize and downsize easily. This is also a great plug & play solution for start ups, medium size businesses that still works well for corporate requirements. Shared office space seems to be a great answer to the office building boom in Boca Raton as both landlords and tenants can benefit and as the uncertainty of the market makes commitments to a long lease more and more risky, there is a high growth potential in Boca Raton, the West Palm beach area and Florida in general for short term flexible office space leases.