Topping Off in a Tough Market
Published January 29, 2009 office 0 Comments
Tags: CBRE, LEED, Miami, towers

At a time when new skyscrapers in Florida are a rarity, two new office buildings are well on their way to completion along Miami’s Brickell Avenue. The 40-story Brickell Financial Centre and the 35-story 1450 Brickell will hold topping-off ceremonies Friday, putting each roughly a year away from opening.

These buildings will add nearly 1.2 million square feet of class A office space to the Brickell district, which now has just under 6 million square feet with an availability rate approaching 16%, according to CB Richard Ellis. Given that both will seek LEED certification, they should be able to attract green-minded tenants from nearby existing buildings, but average asking rents of $38 per square foot in the area could be a hard sell as many tenants seek to trim down operations in this tough economy.

Miami has traditionally been the Sunshine State’s strongest office market, but with these two giants coming soon and more space on the horizon, is there as much a risk of a glut here as in other major US metros? Give us your thoughts in the comments section.