Swire Sees Strong Office Market, Preparing For One Brickell City Centre

Miami’s office market is tightening due to a lack of new supply, Swire Properties CEO Guy Bradley said on an earnings conference call today.

Bradley said that the robust market bodes well for Brickell City Centre’s next phase, an 80-story project called One Brickell City Centre.

About half of the floor area in the new tower will be devoted to office use, according to Bradley, although the company hasn’t yet finalized exact numbers.

Swire still hasn’t decided exactly when they will break ground on One Brickell City Centre, although a presentation lists a 2018 construction date. Bradley said that the land is ready and that it was just a matter of “pushing the button.”

Although retail in the U.S. is “challenging,” Brickell City Centre is doing relatively well. About 91 percent of space in the mall was leased as of November 2016.

Condo sales remain slow. Swire sold just 4 condo units in the project over the past month.

The company had contracts on 355 units at Reach and 187 units at Rise as of March 14, compared to 353 and 185 on February 9.

 

 

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GBA
3 years ago

One Brickell City Centre will open before CMX.

Anonymous
3 years ago

Only with a wave of a magical wand, then yes lol

Anonymous
3 years ago

Maybe let’s start thinking about converting condo buildings to office use?

Anonymous
3 years ago

It’s more economically feasible to tear down old smaller stuff like the Four Ambassadors, and even new crap like MyBrickell, and build taller with office use mixed with hotel and some residential. Before it ever happens, some vacant lots and smaller office buildings are ripe for redevelopment.

Anonymous
3 years ago

The Four Ambassadors has 750 individual owners to be bought out. Economically feasible is not the word I would use for that site. There are plenty of other sites in Brickell that are much more ripe for development.

Anonymous
3 years ago

OKO group is doing it in South Brickell and Edgewater, so why not?

Anonymous
3 years ago

those are much smaller apartment buildings with around 70 individual owners to buy out. 70x$500,000 = $35M while 750x$500,000=$375M and they would have to get at least 90% of the 750 owners to agree. They’d also have to buy out the expensive retail in the complex, which would equate to at least another $50M

Anonymous
3 years ago

The smaller condo buildings in front of the Four Seasons on the south side of Brickell are more ripe for developement, especially the PointView Apartments building, which should have just one single owner to buy out.

Anonymous
3 years ago

The office space will be needed.. enough condos already.

Anonymous
3 years ago

How tall is this stunning design?
It will be beautiful.
Article doez not mention height in ft.

marc
3 years ago

1049′

Anonymous
3 years ago

The height is great and all, but a box with a hole in it? Please Arquitectonica… At least the last time you did it, the space’s purpose was for a pool and the building had a bit of curves.

GMX
3 years ago

Office demand….do i smell pie in the sky??

Anonymous
3 years ago

Interesting reference to under performing retail portion.