Call it a tenant’s market—still. Companies inking new leases in Downtown Miami, Coral Gables and the Brickell Corridor are getting attractive leases.
In fact, users are finding some of the most tenant-favorable conditions in more than a decade. The recently-released 2011 Studley Effective Rent Index (SERI) shows that occupancy costs were still 30% below their peak levels of three years ago and there was a continued increase in the value of concessions.
“What we are seeing is landlords are continuing to take a very aggressive approach if they want to induce tenants to relocate to their properties,” says Bob Orban, senior vice president and branch manager at Studley. “Yet, there’s no question that the new developments in Coral Gables, Brickell and Downtown have achieved some degree of success because tenants had the sense that terms were not likely to be much more favorable and locked in significant concessions such as signage, generous tenant improvement allowances and rent abatement periods.” ...
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