The Office Insight report indicated that the demand for office space in the county of Miami-Dade was superior than ten years ago.
According to data from the real estate services bureau JLL, during the third quarter of 2019, Miami-Dade had 1.816.666 square feet of Class A and Class B office space, he highlighted miamiherald.com.
When doing the comparative analysis, it was determined that this has been the largest increase in office construction since 2009, at that time there were 1.9 million square feet of development in Brickell and downtown, and 460.000 square feet in the rest of Miami-Dade.
For the Managing Director of JLL, Matthew Cheezem, "the Accelerated growth it's due to the growing population, job growth, and the popularity of emerging neighborhoods."
According to real estate firm JLL, there is 1.785.666 square feet of Class A office space being built in Coral Gables, Coconut Grove, Aventura, Brickell, Wynwood, and the Design District.
He also indicated that 31.000 square feet of Class B office space will be developed in Coconut Grove.
Third Quarter Constructions
In the third quarter of 2019 developments began on 830 Brickell and the South Tower of Plaza Coral GablesThat's more than 716.000 square feet of office space under construction. The Brickell project will develop 552.000 square feet of Class A office space.
The Managing Director of JLL stated, “Downtown and Brickell in 2011, I had nearly two million square feet of available office space. The difference now is that development spreads.”
El miami-dade county closed the third quarter with 55.067 square feet of positive absorption, which means that more space was rented than vacant. The suburbs, which the study defines as any area outside the Central Business District (CBD), had 56 square feet of positive absorption, thanks to completed projects such as the Optimum Onyx Tower in Aventura, which developed 000 square feet.
Al Central Business District fared poorly with 1.078 square feet of negative absorption, meaning there was more supply than demand.
The growing popularity of the traditionally dominant out-of-town office markets and Brickell locations are attracting tenants to relocate to the neighborhood or move to emerging office markets like Wynwood.
The rates of rent in Miami-Dade increased by 1.1% during the same period year over year at an average rent of $41.11 per square foot.
The higher rents for Class A office spaces were in Coconut Grove located at $55.78 per square foot, Brickell at $55.36 and Aventura at $54.85.
The most requested rentals for Class B office spaces were in Miami Beach located at $40.78 per square foot, Brickell at $40.11, and Coconut Grove at $39.48).