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New Development at Boca Commerce Park

New Development at Boca Commerce Park

Construction Update Video

PS Business Parks, Inc. (NYSE:PSB) recently broke ground on a new ±17,000 SF multi-tenant industrial building in Boca Raton, FL, which will offer 24 spec suites ranging in size between 650 and 800 SF.

The new building is being developed on surplus land within Boca Commerce Park, a ±135,000 SF multi-tenant industrial park in Palm Beach County. Conveniently situated in West Boca Raton, this location provides immediate access to US-441 and is just minutes from the Florida Turnpike.

“We are very excited about bringing new small-bay conditioned warehouse space to the market at Boca Commerce Park. These suites will allow startups and well-established businesses in Boca to better service their clientele. We’ve listened to our customers about their space needs and we’ve delivered,” said Rich Guertin, PSB’s Divisional Vice President for Florida.

The project broke ground in the fourth quarter of 2021 and its completion is slated for the fourth quarter of 2022. For this project, PSB retained the services of AK Architects, Gast Construction Group, and Republic Real Estate Advisors. “The selection of a development team is critical for any project’s success, and we are lucky to have great partners across the board on this project. We look forward to continuing this relationship and finishing this project on time and budget,” added Patrick Whalen, PSB’s Vice President of Construction & Facilities Management.

According to CBRE’s Q4 2021 Palm Beach Industrial Figures report, demand for industrial space in Palm Beach has yet to show signs of slowing down. “The Palm Beach industrial market in 2021 concluded on a wave of positive momentum. Strong growth of rental rates continued due to the reduced levels of available space, as vacancy levels dropped to 3.5% during the last three months of the year.”

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