BRIC takes a T-Rex sized bite out of Boca North’s available inventory in South Florida
February 11, 2019
- The Boca Raton Innovation Campus (BRIC), the former home to IBM, comprises nearly 1.7 million square feet of Boca Raton North’s 5.0 million square feet of inventory. Due to its size, BRIC historically exerts outsized influence on market fundamentals. For example, when IBM finally vacated the property in 2008 after phasing out of it for about a year, the property’s availability spiked to nearly 804,000 square feet, or 46.0 percent of the submarket’s total available square footage.
- And that elevated availability remained steady for an extended period of time. From 2008 to the end of 2016, availabilities submarket wide fell by 45.6 percent, but BRIC saw availabilities shrink only 31.9 percent and still represented about 50.0 percent of the submarket’s availability on average during that period.
- But since the beginning of 2017, shortly after Crocker Partners purchased the Campus, availability has sharply declined due to several large leases occurring at the building. With the help of large tenants such as Shoes for Crews, Modernizing Medicine and MobileHelp, availability at BRIC has shrank to a 12-year low of 333,500 square feet, or only 34.0 percent of the submarket’s availability.
Source: JLL Research
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