Office rentals in Miami are almost as expensive as in New York
The rent of offices in the city of Miami have increased so much that the real estate market is totally shocked by the economic situation and the leasing of the same, trying to find out the plans to return to work in La Ciudad del Sol despite the havoc caused by Covid-19, reported El Nuevo Herald.
The cost of comfort
Rent at 830 Brickell, a 55-story office building still under construction that has been classified as Class A for its location, as well as the amenities it offers and management services, has managed to reach approximately $100 per foot square, according to real estate agents in the area.
Area Managing Director Ryan Holtzman said, "There's an increased demand for office space here, whether it's from new tenants on the market or expanding local tenants... $100, that's new in Miami history."
Other costs to South Florida
Median rental listing prices for office space in Miami sit at $46.19 per square foot, roughly the same as Boston, Oakland and even Los Angeles. In the West Palm Beach area the average is $39.48 per square foot and Fort Lauderdale is not far behind, as it would be about 37.64 for the space mentioned.
The reference prices are part of a very broad trend within the real estate sector and market where residential rents rise and fall.
The Miami Herald also announced that this has been “Driven by out-of-state companies, primarily financial and technology companies, seeking to take advantage of the Miami brand, the explosion in rental prices is causing other long-standing companies to rethink their strategies. real estate companies as they continue to balance returning to offices with remote work during the ongoing pandemic that began in March 2020.”
Author: Natasha Palís 3:59 pm