Office market readies for 600 Brickell

The launch of office tower 600 Brickell means another 487,000 square
feet in the downtown Miami office market, pushing the vacancy rate near
25 percent. But brokers in the area are not worried about the massive
influx of space. “600 Brickell will certainly affect the dynamics of the
market,” said Gordon Messinger, a vice president at Transwestern, which
is currently leasing the nearby Miami Tower. “However, Miami Tower’s
value proposition is different than any other asset within the
submarket.” Tere Blanca, whose Blanca Commercial Real Estate is leasing
1450 Brickell, said she was confident in the project’s continued
success. “Our existing tenant base is a terrific source of referrals,”
she said. [GlobeSt]