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 in December signals a broader revival of Boca Raton’s office market. For three years, the city saw more Class A space being vacated than leased. In 2025, however, the market turned around with a net absorption of 34, 900 square feet and leasing activity reaching the second‑highest level on record at 970, 900 square feet. This rebound is reflected in rising rents: West Boca’s Class A offices now average $44. 47 per square foot, a 29% increase since 2021; East Boca’s rents have jumped 39% over the same period. Local developers are driving this change. The BH Group, in partnership with PEBB Enterprises, bought the former Office Depot campus in 2023 and has nearly fully leased its two remaining buildings, now called the Eclipse. Those spaces command an average rent of $60 per square foot and are already 98% occupied. 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 is positioned to meet the demand for premium office space with its array of perks. Tenants can expect valet parking, a fitness center, and on‑site dining options that include a whiskey bar at ground level and a Lebanese restaurant with a resident DJ on the roof. Early commitments come from Slavic 401k, NSI Insurance, and coworking firm Industrious. The building’s lease rate starts at $95 per square foot, a competitive figure in the current market. Looking ahead, developers are already planning additional projects. Butters Construction & Development has announced plans for a 120, 000‑square‑foot office building in Midtown Boca with floor‑to‑ceiling glass and balconies on every level, slated for a possible 2028 completion. Leasing firms are actively marketing these upcoming spaces to potential tenants, indicating that the momentum is likely to continue. 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.