The Real Deal Miami

CresaPartners exec: Downtown Miami office market facing inventory glut

January 18, 2011 02:45PM

Even before factoring in the upcoming Brickell Financial Center, Downtown Miami is currently facing years of excess office inventory that could drag down the leasing market. According to David Prevé, Miami founding partner of CresaPartners, there’s already more than 1.3 million new rentable square feet of office space in the city, and the Brickell Financial Center will introduce another 605,886 rentable square feet on top of that. “We believe the new product represents about 10 years of absorption, and while the new buildings may experience significant lease ups, it will be at the expense of the existing older class A buildings in the market,” Prevé said. “The market will not reach equilibrium for seven to nine years.” [GlobeSt]