Owners/Tenants: Now Who's in Charge?

More than any time in the past six years, Downtown Miami’s office market has a more level playing field, JLL SVP Don Cartwright tells us. (Landlords no longer have to play blindfolded or hopping on one square foot.)

As the local economy has improved and more jobs created, the tenant’s market has slowly evaporated, says Don, here with colleague Nicole Vassilaros. For tenants that prefer premium views in the Class-A buildings, landlords have the advantage. Since there’s a larger supply of not-quite-Class-A space, tenants searching there still have leverage, though less than recent years.

Don and Nichole recently repped Southeast Financial Center in law firm McDonald Hopkins' expansion by 9k SF (total 12k SF). The 1.2M SF, Class-A Southeast Financial Center is a hive of law firms—26 in all—and Don has seen a resurgence among Miami professional service firms. (Don't cut someone in line at the office cafeteria or 26 lawyers will be there to file suit.) Jeb Bush Jr. repped McDonald Hopkins.

Suburban office owners are benefiting from the strengthened fundamentals, too. Flagler VP-asset solutions group Cary Cohen tells us he's seeing increased investor demand and tenant interest. He recently repped the seller of the 28k SF Lakeside Office Park Buildings 1 & 3 in Kendall. He tells us it drew several bidders, with Lakeside Property Holdings winning out. Within two weeks, he adds, the new owners expect to achieve 100% occupancy.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's South Florida Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Boca Raton's New Leaders Throwing 'All Kinds Of Curveballs' At Developers

Oil Company Expands Again At Cash Register Building

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject