Office construction in Miami hits a new record

New projects include OKO Group and Cain International’s 830 Brickell office tower

TRD MIAMI /
Sep.September 03, 2019 01:30 PM
Brickell office skyline (Credit: iStock)

Brickell office skyline (Credit: iStock)

Office development in Miami hit its highest level since 2009, thanks in part to tenants relocating from high-tax states.

Over the next two years, 1.9 million square feet of office space is expected to be completed, according to data from CBRE. That rise in new office construction is due to demand from corporations looking to grow their Latin American business, and tenants relocating from high-tax states, the Wall Street Journal reported.

Theodore Ward, chief of staff at Mana Group, plans to redevelop some of the properties Mana has purchased in downtown Miami to appeal to Silicon Valley firms that are looking for low-tax states with “a high quality of life with a business environment,” according to the Journal. The changes in the tax law in 2017 have already brought wealthy home buyers to South Florida.

The nearly 2 million square feet of office space in the pipeline is much higher than the under 500,000 square feet that was planned as of 2011. It’s equal to about 2.7 percent of Miami’s current office inventory.

New projects include OKO Group and Cain International’s 830 Brickell, a 57-story glass office tower where WeWork is leasing 146,000 square feet. The Brickell office building is expected to open in 2022.

Asking rents in Miami have surged since 2014, while vacancy rates have fallen. More than half of what is under construction has been leased, according to Christos Costandinides of the CoStar Group. [WSJ]Katherine Kallergis


Related Articles

arrow_forward_ios
999 Ponce and Benjamin H. Silver  

Downtown Coral Gables office building asks $40M

Ross Dress for Less

Ross Dress for Less signs lease at historic former Burdines building in downtown Miami

From left: Stambul’s Daniel Peña, Hotusa Group's Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

Hotusa Hotels buys the redeveloped Langford for $37M

One Financial Plaza with Clay Hamlin III and Jay Shidler of Alliance HSP (Credit: Google Maps)

Alliance buys One Financial Plaza in downtown Fort Lauderdale

235 Southeast 1st Street, Mika Mattingly and Cecilia Estevez

Downtown Miami office building hits market, brokers expect sale price to top $30M

From left: Santiago Vanegas, Harvey Hernandez, David Arditi, and Russel Galbut

In a sluggish condo market, these Miami developers find a sweet spot

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Renderings of 400 Biscayne and Kevin Maloney 

Developers land $162M loan for downtown Miami co-living tower

arrow_forward_ios