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Friday, November 5, 2010

Miami Office Space 3rd Quarter Statistics

Vacancy rates for office space in cities have been rising throughout the United States and in South Florida. But the situation is especially serious for Miami because its downtown market needs to absorb 1.3 million square feet of new Miami office space. This comes at a time when businesses throughout the region and across the country have been contracting.

Even thought the Miami commercial real estate market is still struggling to fill a glut of available Miami office space downtown and in Brickell some brokers see signs for hope. The downtown Brickell corridor, which has seen an influx of 1.3 million square feet, is showing some positive signs.

Miami's two newest office towers, 1450 Brickell and the Wells Fargo Financial Center have been the scene of a musical chairs of sorts in Miami commercial real estate, with two major law firms, settling in at downtown Miami's newest office towers. Bilzin Sumberg Baena Price & Axelrod and Greenberg Traurig are some of the many tenants beginning to take advantage of the space glut on the market.
At 200 S. Biscayne Boulevard, Wachovia Financial Center in Miami, there are about 60,000 square feet of deals on the works for expansion and renewals on existing tenants. Even though the building was hit hard by the departure of Bilzin, Deloitte, Korn/Ferry International and soon of Wells Fargo Advisors, there are new tenants are looking at those spaces.

The Miami office market statistics
(Includes the Central Business District for downtown and Brickell)

Inventory: 12,814,622 square feet
YTD total net absorption: 36,526 square feet
Total vacancy: 3,068,122 square feet
Total vacancy: 23.9 %
Under construction: 592,992 square feet

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