Boca’s Economic Development Report

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By: Jessica Del Vecchio Economic Development Manager Special to the Boca and Delray newspapers

WalletHub

Analytical firm WalletHub recently compared 227 cities across the country to find the best beachside communities. While conducting the analysis, WalletHub considered a number of factors – such as safety, economy, education, health, weather and quality of life. Of the 227 cities compared, Boca Raton ranked in the top 10 on the 2017 list, coming in at No. 9.

NAIOP Event

Last month, the City’s Office of Economic Development partnered with the commercial real estate development association known as NAIOP.  Together we organized a networking event to discuss Boca’s corporate climate. The City was tasked with selecting the executives to participate in the panel discussion. Our office invited C- level executives from Cosmetic Solutions, Canon and Privaira. Each of them gave the audience an insightful and interesting perspective on what attracted them to Boca Raton when it came time to relocate and expand their corporate footprint. Some of the reasons cited were the beneficial tax saving environment, access to a talented-well educated workforce and the overall lifestyle offered by our community.

Corporate Rankings

The South Florida Business Journal recently released their annual list of the largest publicly traded companies based in South Florida. Five of the top 40 listed are headquartered in the City of Boca Raton. The companies, ranked by descending revenue are Office Depot, GEO Group, SBA Communications, Cross Country Healthcare and QEP. Florida Trend magazine also released their annual rankings list last month and six of the largest privately held companies based in Florida are headquartered in Boca Raton.

Commercial Real Estate Activity

Boca’s Peninsula Executive Center recently sold for $59.75 million. The sale consisted of two office buildings which were developed on the 5.7 acre site in 1998. The buildings total approximately 188,000-square-feet of corporate space and at the time of sale, the buildings were 97 percent occupied. We recently spoke with Steven Daniels, the attorney that represented the buyer on this transaction and he told us that this was his client’s first commercial investment in the South Florida market. When asked what made this particular property so attractive to his client, Daniels told us “They were attracted to this property because of its central Boca location, its high quality and excellent occupancy rate and tenant mix. The fact that it had the same owner for many years also was a plus.”

Have corporate news to share or looking to relocate/expand your company to Boca Raton? Contact the City’s economic development office at economicdevelopment@myboca.us or 561-393-7761.  Want to see what we’re up to? Follow us on Facebook @BocaEconomicDevelopment.