Miami CBD's New-to-Market Tenants Keep Coming
The Miami CBD is attracting and retaining new-to-market office tenants at a blistering pace and according to JLL VP Nicole Vassilaros, that will continue into next year.
Nicole, who reps the landlord of the Southeast Financial Center in the CDB along with colleague Don Cartwright, tells us that the outlook for 2015 leasing activity in the area is definitely positive. “Prospect activity has continued at a steady pace throughout the year," and there are consistently more companies looking to relocate to or establish offices in Miami, she says. The ones who are already there don't want to go anywhere. Recently RR Donnelley, which has been at the Southeast Financial Center since 1996, re-upped for 5,200 SF, as one of five recent leases at the property totaling more than 22k SF.
Nicole noted that the city’s enjoying a 16.4% CBD Class-A vacancy rate, a decrease of 2.3% compared to Q4 '13. Miami’s also proven to be one of a handful of US cities that foreign investors see as a safe place to invest, a tendency that's helping create a true urban environment--one of the key demands of the younger generation quickly becoming the bulk of the workforce.