MORE ROOM FOR GROWTH
With more office and living space on the horizon,
brokers are confident that there will be takers
By Carl Cronan
Miami remains the most spectacular of Florida’s commercial real estate markets, but lately the gleam has
been dulled a bit. Besides being overrun with negative
press for its oversupply of urban residential condominiums, the
city’s central business district faces the prospect of more than two
million square feet of new office space coming online through
next year with fewer tenant prospects.
The biggest sign of trouble in the office sector occurred earlier
this year, when law firm Bilzin Sumberg backed out of a
115,000-square-foot prelease at the Foram Group’s massive Brickell Financial Centre. Work on the building has moved inside,
while others such as Met 2 and 1450 Brickell are also on their way
to completion.
Downtown Miami’s skyline, often featured in movies and TV shows, is changing with the addition of office and condo towers.
