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.