The city of Miami is experiencing an office building boom in areas such as Downtown and Brickell. A record of office building projects is already on the go. As a result, three giant office buildings are going to be constructed in the Downtown area.
Some specialists are saying that the developers are responding to the market need with too much, so they are predicting the same thing that happened with the condos market. The market for office buildings is very promising right now since in fact there is a lot of demand; however, three major buildings seem to be too much.
The main three projects that already have crews working on the spots are:
1450 Brickell proposes 35 floors and 585,056 square feet on Brickell avenue by Rilea Group.
Met 2, that proposes 47 stories, by MDM development group.
Brickell Financial Center is planning 40 floors. The developer is Foram Group.
Every developers group mentioned above have announced that they already have the financial support to go forward although they do not have any lease contract signed. At this point, it seems that the three projects are going forward without announcing any signed lease.
The lack of office construction in the past has driven up occupancy levels and rents, so owning office buildings has become a really good business. Yet it is a perfectly logical that if an excess of office space is produced the vacancy will dropped off the rents.
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