Offices lure tenants with Latin America connection
June 7, 2012
By: Scott Blake
With about 1.5 million square feet of vacant office space in Miami just from properties built since 2008, depressed lease rates and Miami's locale as a business connection to Latin America continue to lure office tenants to the area's key submarkets of Brickell, downtown and Coral Gables, according to market watchers.
Asking rents have seen only marginal increases in those markets from what they were five years ago, prior to the recession, according to office market research firm Studley's last quarterly report. ...
... Robert Orban, Studley's senior vice president and co-branch manager in Miami, said another factor that has been luring some companies to Greater Miami's core has been South Florida's convenient location as a launching pad for businesses to access Latin American markets. ...
... Mr. Orban said he doesn't see a clear-cut trend in the types of businesses moving to Miami from outside South Florida. Rather, some companies have moved to Miami from other locations in the region, such as Broward County. ...
... "Concessions may have peaked," the Studley report concluded, "but lease terms are expected to remain very favorable to tenants as the availability of new and renovated product in Coral Gables, Brickell and Downtown Miami continues to exert pressure on landlords to compete aggressively for tenants."
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