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Miami Getting First New Office Tower In A Decade
Sep 11, 2019
When 830 Brickell opens in 2021, it will be the first new office tower in Miami in almost a decade.
Developers are starting to introduce more office product into the market after years of focus on residential and mixed-use. The optimism is fueled by a recent rise in occupancy and rents. Almost 2M SF of office space is expected to be completed over the next two years, The Wall Street Journal reports.
830 Brickell is being developed by OKO Group and Cain International. The 57-story building will have a 30th floor sky lobby, a rooftop restaurant and bar, and a 14th floor terrace. WeWork is taking 146K SF in the 1M SF tower, which is being built with a construction loan from Michael Dell's equity firm, MSD Partners, according to The Next Miami.
Asking rents for office space in Miami grew 26% in the last five years, and vacancy rates have dropped from 11.8% to 8.8% in that same period, the WSJ reported, citing CoStar. According to JLL, the average asking rent is $41.03 per SF. Tenants keen on the Miami market include logistics firms, companies that do business with Latin America and companies fleeing high-tax states.
For complete article, please visit: www.bisnow.com/south-florida/news/office/830-brickell-miami-office-tower-100766
The New Miami