Office rents in Miami have been soaring at what appears to be an unprecedented pace, new reports say.
The price increases have been so strong that the developer of the under-construction 830 Brickell office tower is buying out a lease with WeWork that was signed just three years ago.
According to Commercial Observer, developers Oko Group and Cain International “made WeWork whole” for the entire term of its lease, in order to take back the space.
WeWork had signed in 2019 for 146,539 total square feet located on floors 16 through 25. The lease term lasted up to 25 years and included signage rights, according to a lease memorandum filed with the county.
Asking rents at 830 Brickell are now as high as $150 per square feet.