The Real Deal Miami

Brickell sees lowest office vacancy rates in Miami, report says

Average asking rent PSF in Brickell was $40.13

December 23, 2014 03:00PM

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Brickell Avenue

Brickell Avenue

Brickell has the lowest vacancy rates for office space and nearly the highest average asking price per square foot in the third quarter of 2014.

The average asking price in Brickell was $40.13 and the vacancy rate was 14.3 percent, according to a JLL report. Offices in Aventura and North Miami had the highest average asking rent of $40.46, while Miami Lakes recorded the lowest average rent at $23.26. Vacancy levels for office space in Miami were at 17 percent during the third quarter.

JLL, a firm that specializes in commercial real estate, reported that there’s a higher demand for office space in Miami-Dade County and a desire to secure it now, which has resulted in higher rents and an eagerness to renew and expand. Financial services and law firms topped the list for premier space and a lot of it. Greenberg Traurig, for example, renewed its 28,600 square feet of office space this year.

There were 128,580 square feet of Class A and Class B office space under construction, according to the report. — Katherine Kallergis

 

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