Existing office leases are being renewed at high rates and new leases are mostly going to Class A or Class A+ space, according to a new report from CBRE that analyzes the top 100 lease signings in 2023.
CBRE’s report showed that 58% of those leases – by number and by square footage – were renewals of expiring leases for the same space.
As for the flight to quality, 84% of new leases sought those accommodations.
The average lease size is down 12% from a year ago and government buildings had the most presence on the list with 19, topping last year’s highest category, finance & insurance, which accounted for 13 of the top leases. Technology had 11 and legal had 10.
Mike Watts, CBRE President of Americas Investor Leasing, said in prepared remarks that companies “are striving for the most efficient use of their space as they adapt to hybrid work, and they’re often choosing to do so in the best-quality space.”
He said another dominant trend was “containing costs amid an uncertain economic outlook.”
The report also inferred that companies are wanting higher quality space in better locations to provide “additional motivation for employees to work from the office more often.”
The Northeast and Pacific regions accounted for most of the top 100 leases by total square footage, according to CBRE. Manhattan, Silicon Valley, and New Jersey had a combined share of 41%.
The six largest shares of the top 100 by square footage were claimed by coastal markets, including Manhattan.
https://sfoba.com/wp-content/uploads/2013/01/lease.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-02-12 20:14:502024-02-12 20:14:50REPORT: Renewals Dominate List Of Top 100 Office Leases
Boca Raton’s office leasing activity led the way in South Florida in 2022 and 2023, surpassing some more populous cities in the tricounty area, according to a recent analysis. It’s yet another indicator of the city’s growth — as well as the demand for office space across the region in a remote-working era.
Boca Raton’s total significant leasing activity last year was higher than any other city in Palm Beach County, according to recent data compiled by the city’s Office of Economic Development and originating from Colliers 2023 Quarterly Office Reports.
“We have led the county in 2022 and 2023 for significant leasing activity,” said Jessica Del Vecchio, Boca Raton’s economic development manager. “What that means is we’ve leased more square footage from the commercial office side of the business than any other city in Palm Beach County.”
Del Vecchio believes the surge of leasing activity began as the world began to emerge out of COVID-19 constraints. The pandemic triggered heightened interest in South Florida in general, she said, which has especially flourished in Boca Raton.
Boca Raton has a “built-in workforce,” Del Vecchio said, a product of the universities dotting the area, namely Florida Atlantic University, Lynn University and Palm Beach State College.
“We have a lot of smart, well-educated, talented people here, and I think that’s what the draw is that sets us a part in South Florida as a whole,” she said. “It’s so important to be by where the workforce is when you’re bringing a company into an area.”
The COVID-19 pandemic also proved the feasibility and success of a hybrid working model, making opportunities like physically working in Florida for a New York-based company possible.
“We don’t have to work on Wall Street,” she said. “We can keep a presence on Wall Street, but we can relocate to an area that we want to be in, that’s low taxes.”
The leasing activity momentum continues into 2024 with the announcement of six lease agreements at the Boca Raton Innovation Campus, or BRiC.
On Jan. 18, the CP Group, the developers behind the revitalization efforts to BRiC, announced in a statement four new tenants and two lease renewals with one expansion.
Those six tenants are: Engineering Express, a structural engineering firm; Hollywood.com, an entertainment company; LandAirSea (LAS), a GPS tracking system manufacturer; MODE Architects, a full-service architecture and design firm; EdgeMed, a revenue cycle management platform for medical organizations, and Orchid Bay Financial Holdings, an investment firm, which is also renewing its lease.
This is one part of a $100 million project to transform the former IBM facility into an illustrious campus full of contemporary amenities along with residential units, a hotel, restaurants, retail and more.
“We are continuing to see an influx of cutting-edge companies flocking to South Florida in search of flexible, yet turnkey, workspaces to meet the needs of their employees,” said Michael Perrette, general manager for BRiC, in the statement.
BRiC is yet another component of Boca Raton’s growth, which is only projected to progress as other projects such as the Center for Arts and Innovation continue to advance, and people keep taking advantage of recent additions to the city, such as the Brightline service.
“We are poised on making ourselves attractive to new investment and we engage our community stakeholders in conversations,” Mayor Singer said. “I think employers want to see a city like ours poised on what’s ahead for the next century.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-02-07 12:05:152024-02-07 12:05:15Boca Attracting Some Of The Highest Office Leasing Activity
Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt and Vice President Brian Batchelder represented the Seller, Federal Tower, Inc., in the sale of Federal Tower, located at 1600 South Federal Highway in Pompano Beach.
Buyer Vera Fund, LLC paid $12,750,000 for the 68,711-square-foot office building, equating to nearly $186 per square foot. The buyer was represented by Nick Polyushkin, CEO and Founder of Vera Realty.
The transaction closed January 24.
Built in 1976, the iconic blue glass building is a highly prominent, 11-story Class B office building situated on 2.3 acres, with a strong history of high occupancy with long term tenants. It is located on the southern border of Pompano Beach and northern border of Fort Lauderdale within close proximity to two major hospitals – Imperial Point Hospital and Holy Cross Medical Center – and to upscale residential neighborhoods of Bay Colony and Imperial Point.
The Buyer plans to renovate the building and attract additional medical and small office tenants. There is also potential for long term redevelopment of the entire site.
“Well-located office buildings with a larger percentage of medical-related tenants continue to be a favorite asset class,” explained Hyatt. “For obvious reasons, medical real estate has not been impacted by the post Covid- work-from-home trend that has negatively affected other office assets.”
This is the third property that Hyatt and Batchelder have sold on behalf of this client.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-01-30 09:14:512024-01-30 09:14:51Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000
Law firm Baker Donelson has completed its move to at least 11,000 square feet of space in 21-story 200 East Broward Building at 200 E. Broward Blvd.
The firm sought a larger office in Fort Lauderdale in order to plan for future growth, said Eve Cann, managing shareholder for Baker Donelson’s Fort Lauderdale office. She noted that the firm’s Broward branch has grown “steadily” to 40 employees, including nearly two dozen attorneys.
Baker Donelson was previously located at 1 Federal Plaza.
https://sfoba.com/wp-content/uploads/2012/02/200-east-broward.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-01-23 16:17:372024-01-23 16:17:37National Law Firm Relocates To Downtown Fort Lauderdale Office
Hines and local partner Urban Street Development have secured a $220 million loan from Bank OZK for the construction of phase 1 of FAT Village, a 5.6-acre, 835,000-square-foot master-planned urban mixed-use development in Fort Lauderdale’s Flagler Village neighborhood.
Upon completion, phase 1 will contain 601 multifamily units; approximately 180,000 square feet of creative office space in Hines’ proprietary, heavy timber T3 (Timber, Transit, Technology) building; and more than 70,000 square feet of retail, including curated food and beverage offerings, shopping, entertainment, and art studios and galleries.
FAT (Food Art Technology) Village is two blocks from the Brightline’s Fort Lauderdale high-speed commuter rail station, which connects Fort Lauderdale to Miami, West Palm Beach and Orlando. This four-block creative enclave will serve as the reimagined epicenter of the city’s art-centric district.
“At a time when financing and construction starts have materially slowed, it’s gratifying to be in a position to move forward on FAT Village, which we believe will be a transformational development for Flagler Village and Fort Lauderdale,” stated Alan Kennedy, managing director at Hines. “This milestone is a reflection of the strength of our business plan, as well as confidence from Bank OZK in our ability to execute. Together with Cresset Real Estate, Las Americas, Hudson Capital, Halmos Holdings, and Urban Street Development (Hines’ Fort Lauderdale-based development partner), Hines looks forward to creating a dynamic and engaging destination that honors and advances the neighborhood’s legacy while providing new living, working and recreational options to help the city better capitalize on secular trends driving population and business migration to South Florida.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-01-07 15:55:402024-01-07 15:55:40New Mixed-Use Project To Bring 180,000 SF Of Creative Office Space To Fort Lauderdale
BH Group and PEBB Enterprises finalized a 20,388-square-foot office lease with MN8 Energy at The Offices at 6600 N Military Trail in Boca Raton.
The transaction comes as the joint venture advances its substantial capital improvements program to unlock the vast potential of the site.
MN8 Energy is one of the largest and most sophisticated renewable energy companies in the U.S. It serves large organizations with renewable power generation, battery storage solutions, EV charging and more.
“We are thrilled to welcome MN8 Energy to The Offices at 6600 N Military Trail,” PEBB President and CEO Ian Weiner said. “This lease is a testament to the unique appeal of the site and our joint venture’s track record for enhancing such properties.”
BH Group and PEBB are currently converting one existing floor into spec office suites to create up to seven move-in ready offices for prospective tenants. The joint venture already is negotiating several letters of intent for the spec spaces. It has also started making upgrades to lobbies, common areas and amenity spaces.
Joe Freitas and John Criddle of CBRE are handling leasing at The Offices at 6600 N Military Trail (formerly known as the Office Depot headquarters) on behalf of BH Group and PEBB.
The Offices at 6600 N Military Trail includes 650,000 square feet of office buildings on nearly 29 acres overlooking the Broken Sound Country Club’s golf course. It features an array of amenities for future office tenants to enjoy, such as a state-of-the-art fitness center, cafeteria, auditorium, many conference rooms and covered parking.
“Our partnership is already seeing strong demand for the existing office space,” Isaac Toledano of BH Group said. “We look forward to unveiling our long-term plans for the overall site very soon. The Offices at 6600 N Military Trail can be a crown jewel for the City of Boca Raton and accommodate the incredible growth it is experiencing.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2024-01-02 17:02:502024-01-02 17:02:50BH Group, PEBB Enterprises Secure New 20,000 SF Office Tenant
REPORT: Renewals Dominate List Of Top 100 Office Leases
/in News, Trends/by SFOBA STAFFExisting office leases are being renewed at high rates and new leases are mostly going to Class A or Class A+ space, according to a new report from CBRE that analyzes the top 100 lease signings in 2023.
CBRE’s report showed that 58% of those leases – by number and by square footage – were renewals of expiring leases for the same space.
As for the flight to quality, 84% of new leases sought those accommodations.
The average lease size is down 12% from a year ago and government buildings had the most presence on the list with 19, topping last year’s highest category, finance & insurance, which accounted for 13 of the top leases. Technology had 11 and legal had 10.
He said another dominant trend was “containing costs amid an uncertain economic outlook.”
The report also inferred that companies are wanting higher quality space in better locations to provide “additional motivation for employees to work from the office more often.”
The Northeast and Pacific regions accounted for most of the top 100 leases by total square footage, according to CBRE. Manhattan, Silicon Valley, and New Jersey had a combined share of 41%.
The six largest shares of the top 100 by square footage were claimed by coastal markets, including Manhattan.
Source: GlobeSt.
Boca Attracting Some Of The Highest Office Leasing Activity
/in Done Deals, News, Trends/by SFOBA STAFFBoca Raton’s office leasing activity led the way in South Florida in 2022 and 2023, surpassing some more populous cities in the tricounty area, according to a recent analysis. It’s yet another indicator of the city’s growth — as well as the demand for office space across the region in a remote-working era.
Boca Raton’s total significant leasing activity last year was higher than any other city in Palm Beach County, according to recent data compiled by the city’s Office of Economic Development and originating from Colliers 2023 Quarterly Office Reports.
Del Vecchio believes the surge of leasing activity began as the world began to emerge out of COVID-19 constraints. The pandemic triggered heightened interest in South Florida in general, she said, which has especially flourished in Boca Raton.
Boca Raton has a “built-in workforce,” Del Vecchio said, a product of the universities dotting the area, namely Florida Atlantic University, Lynn University and Palm Beach State College.
The COVID-19 pandemic also proved the feasibility and success of a hybrid working model, making opportunities like physically working in Florida for a New York-based company possible.
The leasing activity momentum continues into 2024 with the announcement of six lease agreements at the Boca Raton Innovation Campus, or BRiC.
On Jan. 18, the CP Group, the developers behind the revitalization efforts to BRiC, announced in a statement four new tenants and two lease renewals with one expansion.
Those six tenants are: Engineering Express, a structural engineering firm; Hollywood.com, an entertainment company; LandAirSea (LAS), a GPS tracking system manufacturer; MODE Architects, a full-service architecture and design firm; EdgeMed, a revenue cycle management platform for medical organizations, and Orchid Bay Financial Holdings, an investment firm, which is also renewing its lease.
This is one part of a $100 million project to transform the former IBM facility into an illustrious campus full of contemporary amenities along with residential units, a hotel, restaurants, retail and more.
BRiC is yet another component of Boca Raton’s growth, which is only projected to progress as other projects such as the Center for Arts and Innovation continue to advance, and people keep taking advantage of recent additions to the city, such as the Brightline service.
Source: SunSentinel
Berger Commercial Realty’s Steve Hyatt, Brian Batchelder Negotiate Sale Of Pompano Beach Office Building For $12,750,000
/in Done Deals, News/by SFOBA STAFFBerger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt and Vice President Brian Batchelder represented the Seller, Federal Tower, Inc., in the sale of Federal Tower, located at 1600 South Federal Highway in Pompano Beach.
Buyer Vera Fund, LLC paid $12,750,000 for the 68,711-square-foot office building, equating to nearly $186 per square foot. The buyer was represented by Nick Polyushkin, CEO and Founder of Vera Realty.
The transaction closed January 24.
Built in 1976, the iconic blue glass building is a highly prominent, 11-story Class B office building situated on 2.3 acres, with a strong history of high occupancy with long term tenants. It is located on the southern border of Pompano Beach and northern border of Fort Lauderdale within close proximity to two major hospitals – Imperial Point Hospital and Holy Cross Medical Center – and to upscale residential neighborhoods of Bay Colony and Imperial Point.
The Buyer plans to renovate the building and attract additional medical and small office tenants. There is also potential for long term redevelopment of the entire site.
This is the third property that Hyatt and Batchelder have sold on behalf of this client.
National Law Firm Relocates To Downtown Fort Lauderdale Office
/in Done Deals, News/by SFOBA STAFFLaw firm Baker Donelson has completed its move to at least 11,000 square feet of space in 21-story 200 East Broward Building at 200 E. Broward Blvd.
The firm sought a larger office in Fort Lauderdale in order to plan for future growth, said Eve Cann, managing shareholder for Baker Donelson’s Fort Lauderdale office. She noted that the firm’s Broward branch has grown “steadily” to 40 employees, including nearly two dozen attorneys.
Baker Donelson was previously located at 1 Federal Plaza.
Source: SFBJ
New Mixed-Use Project To Bring 180,000 SF Of Creative Office Space To Fort Lauderdale
/in News/by SFOBA STAFFHines and local partner Urban Street Development have secured a $220 million loan from Bank OZK for the construction of phase 1 of FAT Village, a 5.6-acre, 835,000-square-foot master-planned urban mixed-use development in Fort Lauderdale’s Flagler Village neighborhood.
Upon completion, phase 1 will contain 601 multifamily units; approximately 180,000 square feet of creative office space in Hines’ proprietary, heavy timber T3 (Timber, Transit, Technology) building; and more than 70,000 square feet of retail, including curated food and beverage offerings, shopping, entertainment, and art studios and galleries.
FAT (Food Art Technology) Village is two blocks from the Brightline’s Fort Lauderdale high-speed commuter rail station, which connects Fort Lauderdale to Miami, West Palm Beach and Orlando. This four-block creative enclave will serve as the reimagined epicenter of the city’s art-centric district.
BH Group, PEBB Enterprises Secure New 20,000 SF Office Tenant
/in Done Deals, News/by SFOBA STAFFBH Group and PEBB Enterprises finalized a 20,388-square-foot office lease with MN8 Energy at The Offices at 6600 N Military Trail in Boca Raton.
The transaction comes as the joint venture advances its substantial capital improvements program to unlock the vast potential of the site.
MN8 Energy is one of the largest and most sophisticated renewable energy companies in the U.S. It serves large organizations with renewable power generation, battery storage solutions, EV charging and more.
BH Group and PEBB are currently converting one existing floor into spec office suites to create up to seven move-in ready offices for prospective tenants. The joint venture already is negotiating several letters of intent for the spec spaces. It has also started making upgrades to lobbies, common areas and amenity spaces.
Joe Freitas and John Criddle of CBRE are handling leasing at The Offices at 6600 N Military Trail (formerly known as the Office Depot headquarters) on behalf of BH Group and PEBB.
BH Group and PEBB acquired The Offices at 6600 N Military Trail site in April 2023. The joint venture was honored with the South Florida Business Journal’s Terry Stiles Deal of the Year Award during the publication’s annual Structures Awards event in recognition of the impactful acquisition.
The Offices at 6600 N Military Trail includes 650,000 square feet of office buildings on nearly 29 acres overlooking the Broken Sound Country Club’s golf course. It features an array of amenities for future office tenants to enjoy, such as a state-of-the-art fitness center, cafeteria, auditorium, many conference rooms and covered parking.