Economic Development 2023 Annual Report

Business in

BOCA

ANNUAL REPORT 2023

Why

BOCA RATON?

The City of Boca Raton stands as a beacon of economic growth and opportunity, drawing upon its vibrant business landscape, quality of life, and strategic location. Boca Raton recognizes the importance of supporting the corporate community and facilitating economic development to create and maintain economic sustainability. Home to more than half of the corporate headquarters in Palm Beach County, Boca Raton continues to provide a strong foundation for innovation, supported by modern infrastructure and a thriving corporate community.

A Message from

The Office of Economic Development

It’s been a great year for business in Boca Raton. Over the past year, Boca Raton has experienced robust economic growth, marked by a thriving business community, increased job opportunities, and strategic initiatives that have further solidified our position as a hub for innovation and prosperity.

Our collaborative efforts with local businesses, educational institutions, and government partners have yielded positive results, fostering a vibrant community that attracts talent and investment.

Take a look at business in Boca over the past year, and you’ll want to join us in paradise.

Jessica Del Vecchio

Economic Development Manager

Kelly Kennedy

Economic Development Coordinator

Boca Raton By The

NUMBERS

99,376

Population

Average Age

$101,003

Median Household Income

$493,805

Median Home Value

AAA

Bond Rating

IN THE NEWS

New York Post

Boca Raton, Forever Young

Read here...

Business By The

NUMBERS

12.5 MILLION

total sq. ft.

of office space

14,602

businesses

in the City

of Boca Raton

publicly traded companies

(NYSE or NASDAQ)

13,360

jobs created

or retained

since 2010

$5.8M

committed to

85 companies

since 2010

IN THE NEWS

South Florida Business Journal

Boca Raton:

A Profile in Evolution

Read here...

Significant

Leasing Activity

(Commercial Real Estate)

Businesses want to be in Boca Raton. A stand-out among top cities in Palm Beach and Broward counties, Boca Raton far outpaced West Palm Beach and Fort Lauderdale with total square footage leased.

Total Square Footage Leased

Corporate

INVENTORY

The City’s varied corporate inventory includes corporate campuses, downtown destinations, historic complexes, customizable spaces, live-work-play options, and more. Some of our top corporate properties are featured below.

An original IBM campus, the Boca Raton Innovation Campus (BRiC) is a state-of-the-art 1.7 million square foot office park. Future plans include a live-work-play campus featuring residential, hospitality, retail, a cultural center & amphitheater, and other public amenities.

The Park at Broken Sound is a 700-acre planned mobility commercial and residential hub with a perfect blend of work/life features. The site includes 9 residential properties and 5.2 million square feet of office space, home to companies ranging from global HQ’s to entrepreneurial start-ups.

New Class A Office Coming Soon

Midtown Place will bring a modern, 120,000 square foot, five-story multi-tenant Class A+ office building to Midtown Boca Raton. The project also offers spaces ranging from 10,372 square feet to a full floor at 29,357 square feet, allowing companies to design collaborative spaces.

Aletto Square will offer Class A office space on a 1.31 acre site in Downtown Boca. The project will include a 104,358 sq. ft. 10-story office building and 19,176 sq. ft. of retail. The 29,815 sq. ft. 6-story office building will include structured parking, restaurants, fitness & outdoor gardens.

Why We Chose

BOCA RATON

With over half the corporate headquarters in Palm Beach County, Boca Raton has an impressive portfolio of companies from startups to major corporations that have chosen the City as their place to call home. Hear from some of our leading CEOs on why they chose to do business in Boca Raton.

View Alex’s Story on YouTube

What brought us to Boca is that we found a facility...and then we started growing, we got another bay.

We fell in love with the City, our kids grew up here... and we just feel that this is our place.

Ana Rodriguez

Co-Founder & CEO | InBite

Hear Ana’s Story

Knowing the [Boca Raton] building officials for over 10 years now, they’ve always been supportive... they’re always advanced in their technologies... I would say Boca Raton’s permitting is number one in the state.

Jesse Rack

Vice President - Owner | Rack Electric

Hear Jesse’s Story

We canvassed from Stuart all the way to Miami to find the best location for our company.

A lot of people want to be in Boca so whether you’re recruiting nationally or internationally, it’s a really good place to recruit people... it’s easy to get them to move to Boca Raton.

Sal D’Amico

President & CEO | Privaira

Hear Sal’s Story

Concierge

SERVICE

Make your property purchase or renovation project a seamless experience. The City of Boca Raton’s Concierge Service is a dedicated point of contact for business owners and developers.

This service is designed to facilitate and expedite the development review and permitting process for projects with a significant economic impact to the City.

Neha James

City of Boca Raton

Operations & Business Liaison Manager

Key

INDUSTRIES

(Leading Companies Who Call Boca Raton Home)

Aerospace & Aviation

Aerospace Technologies Group
Terran Orbital
Xeriant Aerospace

Information Technology

ADT
Phoenix Tower International
SBA Communications

Cleantech

4Ocean
Blue Frontier
Carbon Limit

Life Sciences

ADMA Biologics
Cross Country Healthcare
Sensus Healthcare

Finance Manager Meeting Discussing Company Growth Project Succes

Financial &

Professional Services

Janover
Lending One
Sun Capital Partners

Logistics & Distribution

Celsius Holdings
Cosmetic Solutions
Office Depot

Illustration is not representative of all companies based in Boca Raton.

Initiatives &

Partnerships

BOCA WOMEN IN BUSINESS

The Office of Economic Development launched the Boca Raton Women Founders(BRWF), which was hosted by the Boca Raton Historical Society. BRWF is a networking group for local female founders to share ideas and make meaningful connections.

SUSTAINABILITY & TECH

With an eye on the future, the City’s Offices of Sustainability and Economic Development are spearheading initiatives to provide increased tax credits and benefits for businesses reaching sustainability benchmarks.

INDUSTRY JOB FAIRS

The Office of Economic Development works with various community partners from colleges and universities to companies and local agencies to promote industry job fairs throughout the year.

Hospitality Job Fairs
Tech Job Fair

SPEAKING ENGAGEMENTS

Economic Development Manager, Jessica Del Vecchio, speaks at various organizational meetings and events to share the good word about business in Boca Raton.

Business Development Board
FAU Tech Runway/Executive Forum
South Florida Office Brokers Association
IBM Quarter Century Club

Ribbon

Cuttings

The Office of Economic Development assists with ribbon cuttings for new, renovated and expanded businesses, coordinating attendance with the Mayor and City Council members.

A highlight of business openings in 2023 included:

Blue Frontier
Brodie Friedman
El Camino
Fiolina Pasta House
First Service Residential
Janney Montgomery Scott
Kanpai
Pressed Juicery
Pur-Form Health
Red Pine
Renaissance Boca Raton

Economic

TOURISM DRIVERS

Boca Raton is on the national and international map when it comes to economic tourism drivers.

The City is home to championship sporting events, prominent cultural arts festivals and a luxury world-class resort that bring consumers and dollars to the City.

TIMBERTECH CHAMPIONSHIP

Hosted at the Old Course at Broken Sound, the PGA Tour Champions event welcomes the world’s top 54 PGA TOUR players.

Economic Impact

$15 million

ROOFCLAIM.COM

BOCA RATON BOWL

Broadcast on ESPN, the Boca Raton Bowl hosts Conference USA teams that go head to head at Florida Atlantic University stadium.

Household Viewers

2 million

Live, re-airs, global and streaming.

FESTIVAL OF THE ARTS BOCA

The Festival of the Arts BOCA is South Florida’s most prominent cultural arts festival with an exciting line up of authors, artists, performers and more.

Economic Impact

$1.15 million

THE BOCA RATON

An extraordinary luxury resort comprising 5 hotels, The Boca Raton attracts a global clientele and is steeped in architectural history.

Hotel Rooms

1,034

BOCA RATON AIRPORT

Serving the corporate, recreational & flight training needs of the community with 80,000+ operations annually and 4,800+ airport and tenant employees.

Economic Impact

$693 million

Work Life

ASSETS

Location, location, location!

Conducting business in Boca Raton couldn’t be more strategic with local and nearby infrastructure to make work (and play) easier.

Healthcare

Boca Raton Regional Hospital - Baptist Health South Florida

State of the art medical campus.

Transportation

Boca Raton Airport

Featuring customs services for air travelers & boaters.

Fort Lauderdale Airport

27 miles to the south.

Palm Beach International Airport

24 miles to the north.

Miami International Airport

48 miles to the south.

Brightline & Tri-Rail

Commuter and luxury rail services from the heart of Boca Raton to Miami and Orlando.

Talented

WORKFORCE

Boca Raton’s higher learning establishments provide employers a valuable asset - a talented and educated workforce, well suited for positions from internships to CEOs.

Educational Institutions

Florida Atlantic University
Lynn University
Palm Beach State College
Everglades University
A-Rated K-12 Schools
Top-Rated Private Schools

Community

APPEAL

Life in Boca Raton is as good as it gets. The City’s amenities are endless, with activities and experiences that suit everyone, including a vibrant downtown, beautiful outdoor spaces and imaginative dining and shopping.