Miramar's a Hot Office Market. Here's Why.
Miramar's got the kind of office fundamentals that landlords like, Avison Young VP Justin Cope tells us. "Conditions are favorable in Southwest Broward and, in particular, Miramar.”
With the second-lowest vacancy rate in Broward County at 11.4%, and nominal new construction, Miramar is continuing to see rental rates rise as demand outpaces supply, Justin says. Earlier this year, investment giant Starwood Capital Group bet big in Broward, associated with the acquisition of nine office properties in the region for $178M as part of the massive deal in which Duke Realty sold 62 suburban offices to Starwood, Trinity Capital Advisors and Vanderbilt Partners. Justin, right, is snapped with Avison Young principal Greg Martin.
Recently Starwood tapped Avison Young to lease four Miramar properties from the mass acquisition: Miramar Centre I and III at 3401 SW 160th Ave and 3601 SW 160th Ave, as well as Huntington Centre I and II (pictured) at 2901 SW 149th Avenue and 2801 SW 149th Ave, totaling 375k SF. Previously Greg and Justin leased 100k SF in nine other Starwood office properties in Broward, bringing those properties to more than 90% leased. "The ownership’s newest acquisition reflects the favorable market conditions in Miramar,” says Justin.