Boca Raton’s New Office Wave
The city of Boca Raton, long known for its retirement community vibe, has just started a new chapter with the construction of its first office building in almost twenty years. The project, called Aletto, is a 140,000‑square‑foot development near Mizner Park that promises high‑end amenities such as concierge service, a rooftop restaurant, and even a golf‑cart shuttle for tenants. This marks a shift toward attracting upscale business tenants to the area.
Aletto’s Ground‑Breaking
- December: Aletto’s groundbreaking signals a broader revival of Boca Raton’s office market.
- Three‑Year Trend: The city saw more Class A space being vacated than leased.
- 2025 Rebound: Net absorption of 34,900 sq ft and leasing activity reached the second‑highest level on record at 970,900 sq ft.
- Rising Rents:
- West Boca’s Class A offices now average $44.47 per sq ft, a 29% increase since 2021.
- East Boca’s rents jumped 39% over the same period.
Local Developers Driving Change
| Developer | Project | Key Details |
|---|---|---|
| BH Group (with PEBB Enterprises) | Former Office Depot campus → Eclipse | • Two buildings nearly fully leased • Average rent $60/sq ft • 98% occupancy |
| PEBB Enterprises | Eclipse | Same as above |
| Butters Construction & Development | Midtown Boca Office | • 120,000 sq ft • Floor‑to‑ceiling glass & balconies on every level • Possible 2028 completion |
The third building on the campus is being demolished to make room for retail and 500 new apartments, further diversifying the area’s real estate mix.
Aletto’s Premium Offerings
- Amenities: Valet parking, fitness center, on‑site dining.
- Dining Highlights:
- Ground‑level whiskey bar
- Rooftop Lebanese restaurant with a resident DJ
- Early Commitments: Slavic 401k, NSI Insurance, and coworking firm Industrious.
- Lease Rate: Starts at $95 per sq ft—competitive in the current market.
Looking Ahead
- Future Projects: Developers are already planning additional office buildings.
- Momentum: Leasing firms actively market upcoming spaces, indicating continued growth.
Conclusion
The resurgence of office space in Boca Raton highlights a shift from its retirement‑centric identity to a more diversified economy. With rising demand, increasing rents, and new developments on the horizon, the city is carving out a niche for high‑quality business tenants that were once only found in neighboring cities.
