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South Florida office buildings are setting rent records –– but with an only-in-Miami twist.
The majority of Miami-Dade County buildings scoring the new rate highs aren’t the typical corporate towers that usually drive records. Instead, much of the focus is on smaller projects, usually five or six stories, with sleek designs and high-end amenities. Descriptors such as “bespoke,” “jewel boxes,” “boutique” and “biophilic” are common in industry conversations and marketing materials.
The buildings are squarely targeting the demand: multimillionaires and billionaires who are buying mansions in exclusive waterfront enclaves and want to open their family office or a small company outpost near their homes. With no budget constraints from company boards or shareholders, these executives can –– and do –– pay whatever it takes.
At one waterfront Bay Harbor Islands building under construction, One Kane, discretion is ensured for executives who can drive into a private garage and use a private elevator to get to their suite. Or, they can cruise to work on their boat and leave it at one of the vessel slips that will come with the project.
At another, Robert Rivani’s eponymously named South Beach building that’s branded as Class X, tenants will have access to a Tokyo-inspired speakeasy. At The Fifth Miami Beach, with a design that a broker described as “a piece of art,” offerings will include Italian restaurant Sant Ambroeus, which is resonating with prospective New York tenants, the broker said.
Although the highest known lease being finalized for $250 per square foot, gross, is at the 57-story 830 Brickell, a true corporate tower, most other deals are at boutique buildings. Brokers have exchanged letters of intent, or non-binding agreements that usually lead to signed deals, for over $200 a foot at several buildings and at over $150 a foot at many more. Signed deals already regularly exceed $150 a foot.
So which buildings and projects are leading office rents in Miami-Dade? The Real Deal mapped them out.
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Commercial
South Florida
“Perception becomes reality”: Miami-Dade office rents enter new era at over $200 psf