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South Florida

Office space glut looms

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Miami has an office space inventory of 40 million square feet, but the arrival of another 2 million square feet of new space could upend the balance of the market. However, brokers see considerable upside in the future; they say that newer buildings will be attractive to foreign companies wanting a gateway to U.S. trade markets, and they contend that that may never change. Three building projects in Downtown Miami — Brickell Financial Centre, Met 2 and 1450 Brickell — are scheduled to add 2.2 million square feet of Class A office space in 2009 and 2010. A total of 3.9 million square feet of offices were under construction in Miami-Dade at midyear, according to CB Richard Ellis research.