Miami’s Second-Tallest Office Tower Reaches 60% Leased Ahead Of Completion

Yet another lease has just been inked at the under-construction 830 Brickell office tower as it nears completion.

More than 60% of office space at 830 Brickell has already been leased, and negotiations are underway for the remaining space.

The newest lease is by New-York based A-CAP, which signed a full floor, 20,000 square-foot lease for the building’s 35th floor.

“What’s interesting about A-CAP’s deal is that the firm expanded to a full floor after realizing more folks wanted to move to Miami,” said Ryan Holtzman of brokerage Cushman & Wakefield, which represented the developer.

The tower is now close to topping off at 725 feet, making it the second tallest office building in Miami.

Completion is scheduled for late 2022.

The movement of companies to Miami is accelerating this year, with 32 new-to-market office leases already signed so far in 2022, nearly matching the 38 deals inked by inbound firms during the entirety of 2021.

Asking rents for Class-A office space in Miami now exceeds $100 per foot for the first time ever.

Downtown Miami was also the only major urban market to experience net-positive office absorption in 2021. Chicago, Boston, L.A., San Francisco, Lower Manhattan and Midtown Manhattan all saw net-negative absorption last year, according to the Miami Downtown Development Authority’s 2021 Office Market Report.

 

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Miami Winning
5 months ago

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Anonymous
5 months ago

🤣🤣🤣
I love this!

Miami Winning
5 months ago

Miami Winning.

cleavage or bust
5 months ago

we will see if these corps. based in other more expensive cities are gonna give their miami employees a florida pay scale or nyc pay scale……

Checo
5 months ago

They will pay market rate if they want to attract and retain talent.
That is the way that it works.

Anonymous
5 months ago

Perfect, so Miami wages it is for these losers haha

Alex
5 months ago

I work for a company in Boston from here in Miami. When I moved down here my salary did not change. Also, every company calculates based on index of living expenses, Miami is ow s pricey as NY once was, so emplyees will not lose, but rather gain $

Melo is sigma and chad
5 months ago

Based and lets get another office tower

Anonymous
5 months ago

800 Brickell…on the way I hope.

Anonymous
5 months ago

Source?

ocho
5 months ago

i love freebase…

Anonymous
5 months ago

Would like to see more office buildings in Omni, Edgewater & Midtown.

Anonymous
5 months ago

Overtown could build more offices cheaper and the location would be prime as those workers could live downtown! Offices don’t need water views.

Paul Gorman
5 months ago

Water view is what selling point of the office for all the new yorkers… they didnt move down here to look at building like they did in new york

Anonymous
5 months ago

The water views would be in their cheap (for them) luxury condos. They don’t need them in the office too.

Anonymous
5 months ago

Well then, redevelop the parking garages facing Biscayne Bay of existing office towers facing Brickell Avenue.

Anonymous
5 months ago

Then they should take over all those boarded up office spaces you see everywhere that landlords are dying to rent.

Anonymous
5 months ago

Welding two taco trucks together is a Class of office space unlike no other.

As good as it gets
5 months ago

Downtown and MWC

Spell it Right
5 months ago

Pupusas

Conno Sir
5 months ago

That’s Doral , Hialeah or Medley territory

Melo, a true Giga Chad
5 months ago

We need more of this. Office towers like these really set the tone.

Paranoid Android
5 months ago

Why not start building office towers in the CBD?

Anonymous
5 months ago

The Manlet owns too many low-rise properties, making assemblage for an office tower impossible.

Anonymous
5 months ago

Better yet, why not in the THC?!

Anonymous
5 months ago

Probably filled with soon to be evicted broke businesses LoL

cleavage or bust
5 months ago

bitcoin bros going thru some hard times right now….and the bubble gonna burst on all these bad sim city fans in here

Alex
5 months ago

Will brickell having just 2 and a half roads be able to absorb traffic? It’s already a nightmare every rush hour.

Anonymous
5 months ago

It’s amazing how triple A office leasing is a much more profitable business for the owner. C-CAP signed a contract for a half floor, 20,000 square feet, for US$ 100.00 a square foot, which corresponds to a rent of US$ 2 million per month. A medium-sized apartment in the same area is being rented for US$4,000.00. It means that, in order to have the same rent for just half a floor, of US$ 2,000,000.00, it would be necessary for the owner to rent 500 apartments of US$ 4,000.00, that is, an entire large residential building.

Anonymous
5 months ago

Hey Genius, thats per year!! Lol

Anonymous
5 months ago

Let it be per year. Still, half a triple A floor would be equal to renting 40 apartments. This commercial lease is still a much more interesting business than the residential one, with 40 tenants giving you hell.

Anonymous 2
5 months ago

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Anon
5 months ago

Were u running accounting at Enron? I guess you were asleep in 3rd thru 6th grade math. You’re completely off with your numbers by factor of 10

Checo
5 months ago

That was funny…so much thought went into putting that together…
Oops…just one assumption is off

Real Estate development is a piece of cake!

Anonymous
5 months ago

I still can’t believe that those architects in surf-side invented a building precisely engineered to turn people into p|a/n|c\a|k/e|s 4 decades after construction, crazy

Joe CARollo
5 months ago

“Downtown Miami was also the only major urban market to experience net-positive office absorption in 2021”

Because there was barely any office space here to begin with, let alone A class.

Anonymous
5 months ago

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Anonymous
5 months ago

I thought the gif was an paid AD

Anonymous
5 months ago

Hahaha exactly

cleavage or bust
5 months ago

miami has had decades to develop a more well rounded economy and jobs…did they??? ask the grifters on our city “kickbacks” commission…

Qtip
5 months ago

The economy is becoming more well rounded, I don’t see what the problem is. Plenty of finance, real estate, and tourism/service jobs. Now even some tech companies are on the way what else do you want?

Anonymous
5 months ago

I think we should work on infrastructure to attract more people, we need to extend the Metromover within Miami and Miami Beach for instance.

Anonymous
5 months ago

I know we need to expand metromover but you just get a little tired of hearing the same comment

Anonymous
5 months ago

We need to expand the Metrorail to Miami Beach. Expanded the something with a speed at 30 mph and low capacity between two major population centers only makes sense to people on here who want a free ride instead of something that works.

Also, transit is run by the county, not the city.

MiamiRob
5 months ago

In November of this year it will be 20 Years since we passed the 1/2 cent Sales Tax for Transit where we were promised a rail link to Miami Beach called Baylink. Yet he we are still dreaming about a “promise” that was never kept to us.

cleavage or bust
5 months ago

we already had a bus fare raise back in like 2206 that was to fund a metrorail up 27th ave from coconut grove to the stadium…wha happen…typical miami commission activity and typical miami response–“jo no recuerdo…..”

Anonymous
5 months ago

And what happens to the real estate market when companies begin moving to hybrid or full time back in office from being fully remote? The Miami RE market is currently built on a bubble of remote workers. A lot of the companies that have moved there are smaller firms – mostly finance – with a few hundred employees at most. This is definitely bubble territory once companies begin making employees go back into a physical location 2-3 days a week.

Anonymous
5 months ago

What will happen when the bubble bursts?

Anonymous
5 months ago

The same thing after the bubble burst many times before.

Anonymous
5 months ago

*if

Anonymous
5 months ago

Remote work is here to stay, it’s the future! Many companies are creating a hybrid mix but it would be smart for Miami to build more offices and attract more companies to move down so that in case the trend changes, we are ready.

Anonymous
5 months ago

If it’s the future, why are most employers getting rid of it, while the unemployed or unemployable entitlement class calling it the future on the internet?

Se me paro'
5 months ago

I thought it was here and the future.
Make up your mind

Qtip
5 months ago

Its not built on remote workers, many of the people came when FL was open and many companies are opening offices here. People want to live and work in Miami and higher end firms are realizing that. You realize high end job growth is a slow process at first and Miami is already pasted the first phase which was when people would say “your company is moving to Miami what’s out there” now they’re saying “your company is moving offices to Miami are you guys hiring?”

Checo
5 months ago

Definitely?
I”ll take that bet.

There is a definitely disconnect between supply of Class A office buildings and the demand.
Miami benefits from having entrepreneurs and small businesses as opposed to Fortune 500 companies employing large chunks of the worker base. Miami is anti-fragile. The economy gets BETTER under major stress.

Seems like there was an article written recently about Miami being the only major urban market to experience net-positive office absorption in 2021. Chicago, Boston, L.A., San Francisco, Lower Manhattan and Midtown Manhattan all saw net-negative absorption last year.
I’ll have to search the archives and see if it can be tracked down.

Melo’s pájaro nalgon
5 months ago

Why wouldn’t they set up shop permanently here in South Florida? Who says they have to go back to NYC? If the managers, bankers, analysts, etc are happy here. Then they ain’t gonna back bubba.

Anonymous
5 months ago

My company tried making workers go back 3 days a week. There was a revolt, and now we can be remote unless a specific task requires us to be in the office.