The Real Deal Miami

Office developers looking to Miami

March 23, 2011 09:23AM

Miami saw the addition of more new office space last year than any other
city in the United States other than the nation’s capital, according to Jones Lang LaSalle. But the vacancy
rate in Miami’s central business district is 22 percent, nearly twice
that of Washington, D.C. One tower, 600 Brickell, is on the way
after a strategic slowdown. “The last generation of buildings are being
left with big open spaces,” said Robert Kaplan, principal of Asentus
Real Estate. “The question is how do these get backfilled?” Loretta
Cockrum, CEO of Foram, the developer of 600 Brickell, said she hoped to
bring new industries to Miami. “It doesn’t help the city to move a
tenant from building A to building B,” she said. “We believe we are
going to attract a lot of out-of-market businesses and tenants.” [NYT]