"Quality" Becoming The New Trend In Office Space?

After closing more than 82,000 square feet of office relocations in Miami-Dade, CresaPartners is seeing a new trend emerge. Beyond the largest office users in South Florida upgrading their digs for “new,” the small to mid-size players are upgrading for “quality.”
Of the total, the significant portion, 79,672 square feet, represented tenant relocations within Miami. The remaining 2,539 square feet represents the entrance of an international company into the United States via South Florida.
An abundance of new supply being delivered to the market coupled with high vacancies enabled tenants to optimize opportunities available in the market for their business requirements. “We worked to capitalize upon advantageous market conditions on behalf of our clients in order to maximize our client’s position. In each instance, the tenant was afforded valuable enhancements from terms of lease, location, and amenities,” said Barbara Liberatore Black, Founding Principal of CresaPartners.     
Recent transactions include:

  • Berger Singerman has signed a new lease at 1450 Brickell Avenue for 25,837 square feet, relocating from Downtown.
  • Morgan Stanley has signed a new lease at 201 South Biscayne Boulevard for 19,104 square feet, relocating from Brickell.
  • Apex USA, Inc. has signed a new lease at 201 South Biscayne Boulevard for 10,683 square feet, relocating from West Dade. 
  • RSM McGladrey has signed a new lease at 801 Brickell for 7,702 square feet, relocating from Coral Gables. 
  • Marquis Bank has signed a new lease at 355 Alhambra Circle for 7,500 square feet, relocating its headquarters from North Miami.
  • Weissman & Dervishi has signed a new lease at One Southeast 3rd Avenue for 4,691 square feet, relocating within the building to upgraded space.
  • Kane & Co. has signed a new lease at 1221 Brickell Avenue for 4,155 square feet, relocating within Brickell.
  • DeVere and Partners, Inc. has signed a new lease at 801 Brickell Avenue for 2,539 square feet. This transaction represents its first U.S. office for the international company.

“The Miami market continues to be shaped by a flight to quality and favorable tenant conditions. Given the existing market conditions, occupiers who are serious about their requirements will secure the best quality space available,” added Ms. Liberatore Black. “Going forward, the banking, legal and finance sectors will continue to dominate the Miami market as they look to expand,” she concluded. 

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