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$100 Per Square Foot? Rent For Prime Office Space Puts Miami On Par With New York

It’s a new record price for Miami office space — and it’s sending shock waves through the city’s real estate market, at a time when companies are still trying to figure out their return-to-work plans as the coronavirus pandemic drags on. Recent leasing activity at 830 Brickell, an office building under construction defined as Class A for its location, amenities and management services, has hit at least $100 per square foot, area real estate brokers say. That puts the property on par with pricing in New York City at places like the World Trade Center and offices in Midtown East and Soho.

While individual firms at the 830 tower are not disclosing their leasing terms, companies that have recently signed leases for offices there include Microsoft, private equity group Thoma Bravo and Canadian investment group CI Financial. AerCap, an Ireland-based firm that is the largest aircraft financing group in the world, just signed a lease this week, too, at the coveted Brickell office building.

“There’s a heightened demand for office space here, whether it’s new-to-market tenants or local tenants expanding,” said Ryan Holtzman, Miami-based managing director at Cushman & Wakefield real estate group. “$100 — that’s new in Miami’s history.”

 

Source:  Miami Herald

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