Miami Office Market Report (copy 03)

Rise Realty Miami Office Market Report 2013 Q1

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 Vacancy is slowly but steadily reducing and rental rates will be RISING in the near future.Miami’s economies continue to thrive along as international inflow of people and capital continue to drive the housing, banking, capital markets and service industries. Miami has also been put on the map for a smaller scaled technology hub and tech investors are hopeful for what technology can add to Miami as a whole. In Downtown/Brickell submarkets the number of sites for future office development is shrinking as residential developers are quickly absorbing the best locations.  Vacancy rates only slightly decreased, as recent growth has been internal from existing tenants versus new-to-market tenants.  Rental rates are firming up and concession packages are expected to become leaner in the near future.  Tenants are transitioning to optimize use of space to decrease occupancy costs. “Shared” workspace concept such as Office Edge is in demand by company’s experiencing growth and immediate need for space and provide for flexibility.   Aside from Brickell Citi center, there are minimal new developments allowing vacancy rates to continue to decline.CLICK HERE TO VIEW THE OFFICE MARKET REPORT Rise Realty is located on Brickell Avenue and on Miami Beach, Florida. We provide tenant advisor services at no cost you to or office locations throughout South Florida. Contact us to discuss your real estate needs at [email protected].

Brickell World PlazaNew Class A Office BuildingFerraro Law Firm - 21,363 SFJones Day - 25,000 SF

 Tenant - DiageoFrom Blue Lagoon Submarket to Coral Gables396 Alhambra Circle - 32,527 SF