Poated on Monday, 7.26.2010
Miami Office Space - Miami Commercial Real Estate
According to a new report by Marcus & Millichap, the Wells Fargo Center and 1450 Brickell Condos account for almost all of the 1.5 million square feet of Miami office space scheduled for delivery this year. This is a 278 percent jump from the 538,000 square feet that were completed in 2009. According to the report, the additional Miami office space will be a major contributor to the predicted 17 percent climb in office vacancy rate.
Asking rents are expected to fall by 3 percent to $29.26 per square foot, while rents already declined by 4.8 percent. Employment however is expected to increase by 0.2 percent, the report says.
The Wells Fargo Center is the office component of the exciting Metropolitan Miami project which consists of The Met 1, a high rise residential tower, Met Square, a lifestyle entertainment center and the Marriott Marquis Hotel and conference center. There will be pedestrian-friendly open piazzas, as well as tree-lined walkways and loggias. The project was built on 9.3 acres in the heart of Downtown Miami, directly off I-95, and is expected to be one of the key properties at the very epicenter of the new Downtown Miami.
Call MLR Realty at 305-673-3303 for a list of available Miami office space in downtown or for information on other Miami commercial real estate properties for sale or lease.