In another example of an out-of-state employer expanding in South Florida, technology firm Innovative Solutions said this week that it has opened a second headquarters in Boca Raton.
The company has moved into a 2,600-square-foot office at 1499 West Palmetto Park Road, just east of Interstate 95. Innovative Solutions, headquartered in Rochester, N.Y., has 13 employees in South Florida now but aims to expand to 100 workers by 2026, owner and CEO Justin Copie said during a news conference.
“We’re already based on the East Coast and are excited to bring more jobs to Boca Raton, which has a rich history in technology,” Copie said in a statement.
IBM developed the first personal computer in Boca Raton, and Innovative Solutions has partnered with Big Blue to develop artificial intelligence tools for small businesses.
Amid an influx of out-of-state employers, South Florida’s office market has been outperforming the rest of the nation. In Palm Beach County, the office vacancy rate was 11.7 percent in the first quarter, Cushman & Wakefield (CWK) said. The average rental rate for office space was $46.29 per square foot in the first quarter of 2024, up 3.6 percent from the first quarter of 2023.
A number of new-to-market companies have expanded to South Florida since the pandemic. In one example, financial firm Elliott Management moved from New York to West Palm Beach. Another oft-cited move is Ken Griffin’s Citadel, which left Chicago and opened a headquarters in Miami and an office on Worth Avenue in Palm Beach.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
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