Miami’s Office Market Is On Fire: Brokers Say It’s The Hottest In Decades As Companies Flood In From Up North

Office brokers in Miami are reporting a surge in activity the likes of which they haven’t seen before.

The number of inquiries for Miami office space is now the highest in at least three decades, one broker said.

Brian Gale, vice chair of Cushman & Wakefield of Florida, told a Bisnow webinar Oct. 20 that the number of requests to find office space in the Miami area was something that he hadn’t experienced in his 27 years in the business.

The Downtown Development Authority is also reporting a flood of interest.

There have been 15 to 20 companies in contact with the DDA every week over the past month, Executive Director Christina Crespi said.

In addition, both Crespi and Gale said that there have been tenants inquiring about leasing over 50,000 square feet, which is unusually big for the Miami market.

Miami did take a hit in the third quarter due to smaller tenants returning space during the pandemic, with the biggest correction for the area’s office market since 2009. Rents did not decrease, however, Bisnow reported.

Now though, there is strong interest in any vacant space.

 

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Anonymous
8 months ago

With AZ voting to adopt a higher tax on the states highest earners and states like IL, NJ, NY, MI and CA drowning in debt and desperate for revenues this trend has a long runway it seems…

Anonymous
8 months ago

And Covid. The work from anywhere trend has jumped forward by about 10 years.

Reality
8 months ago

blm and antifa riots coming to the streets in 1.2.3….. with Trump not conceding until Jan…

WhoaMolly
8 months ago

These are going to make what we have seen so far as child’s play, gunmaker stocks through the roof today!

Anonymous
8 months ago

Proud Boys and other white racist groups will be going around and mowing people down in the streets with their cars and shooting people with assault rifles in 1, 2, 3… meanwhile Trump is steady launching lawsuits to stop vote counting.

POLO
8 months ago

It’s time to build that super tall across from the Southeast Financial Center!

Fredo
8 months ago

Outstanding job Cuomo and Deblasio.

Anonymous
8 months ago

Oh Fredo they still have economy that Miami will never have.

Anonymous
8 months ago

lmaooooo our corporate market is something you can only dream about! Even with the few companies leaving we still have more corporate headquarters than anywhere in the country along with entire sectors that are solely based in New York.

Glad to see Miami is coming into its own but these are mostly boutique companies.

Anonymous
8 months ago

Detroit was once a titan of industry and one of the most wealthy cities in the US as well until it wasn’t. New York is a much different city than Detriot was in its heyday, but no city is immune to bad policy. Don’t get me wrong NY will always have a central role in the US but once the bleeding starts it will be hard to stop. I’d be more concerned if I lived in Seatle than NYC in terms of corporate hostility.

Anonymous
8 months ago

Yes! It’s all part of their plan. NY is always going to be blue. They are sending blue voters this way. Remember, even a republican from NY is more liberal than a FL Democrat.

Anonymous
8 months ago

now all those democrats come down here running from what they created and will infest miami.
but I welcome the $$$

Anonymous
8 months ago

Maybe a Democrat will teach you about beginning a sentence with a capital letter in first word.

Anonymous
8 months ago

LOL. That was funny, mostly because its true.

Anonymous
8 months ago

thank you rest of country

Mike
8 months ago

Never, ever, ever believe what a broker says publicly or to the media unless it’s about a specific transaction.

Anonymous
8 months ago

Wonder if they’re anymore buildings being planned that will be only office with some retail at the bottom.

Anonymous
8 months ago

830 Brickell

TellingLikeItIs
8 months ago

haha, this is what i never understood and still dont understand… Blue rats escaping CA and NY, coming down to a red state like Florida and voting for the same old thing which made them leave their blue state to begin with… epic ! Fits Einstein’s definition of insanity perfectly actually. If you are coming down leave your sh..ty views behind!

Anonymous
8 months ago

Read the article in the Miami Herald where they explained how increases in property taxes because of implementations of new rules by the Trump administration caused an exodus of people from states in the north east and California to cheaper places like Florida.

Anonymous
8 months ago

They don’t care about actual facts or reality. Just parroting whatever Trump and Fox News tells them.

Anonymous
8 months ago

this bodes very well for 801 brickell….. this is the same developer as missoni baia in edgewater which is underway and is proving to be very elegant addition to bay front….i wish him success

Anonymous
8 months ago

What’s happening with the Innovation District?

Anonymous
8 months ago

No idea why with a lot more people working from home permanently

Anonymous
8 months ago

When Joe gets in and taxpayers bailout the blue states everything will go back to normal and companies will stay north.

Anonymous
8 months ago

You mean like the way tax payers for years have been bailing out states like south carolina, mississpi, alabama, and arkansas, you Know, red states that receive the most welfare?

Anonymous
8 months ago

Yep, always have and always will. What’s with red states and their dependency on welfare and meth?

Anonymous
8 months ago

build more class A on miami beach.

NYC Loves Miami
8 months ago

Why?