As of June, 1997, Boca Raton had 7.6 million sq. ft. of prime office space and 9.1 million sq. ft. of industrial space (both measured in buildings of 10,000 sq. ft. or larger). Lease rates vary widely within the market providing a good choice of properties. They range from $10 to $22 per ft. for office space, while the average is approximately $16.40 per sq. ft., according to CB Commercial. In 1996, net absorption was approximately 250,000 sq. ft.
Boca Raton has seven major industrial parks of 10 acres or more, and many mixed-use centers with easy access to recreation, restaurants and shopping. The largest of these is the 850-acre Arvida Park of Commerce (APOC) at Yamato Rd. west of I-95. The park offers space for corporate and regional headquarters, research and development and distribution/service space, as well as hotels, restaurants and the championship Broken Sound Golf Course, jogging trails and lakeside parks, a child care center and a 72,000 sq. ft. Athletic Club.
Blue Lake Corporate Center, formerly the headquarters of IBM, is a master planned business park consisting of about two million sq. ft. of improved space, used for flexible office, research, manufacturing and/or industrial space, situated on 550 wooded acres.
Mizner Park is one of Boca Raton’s signature destinations and a redevelopment project that has become a model nationally. This 30-acre combination public park and commercial center in downtown Boca Raton features fine restaurants, upscale shops, a movie theater, an amphitheater and an elegant residential rental complex.