Numerous big companies like Magic Leap, AT&T and Universal Music have set up operations in the western suburbs of South Florida, but according to CBRE, companies like this don't have great choices for Class-A office space.
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That could change as Metropica, a massive development in Sunrise, builds out a whopping 670K SF of office, including a 480K SF business park.
CBRE announced Wednesday that it has been selected to handle pre-leasing at 1700 Metropica Way, a 170K SF Class-A office building, which will be finished in 2020. A second phase featuring 500K SF of office will follow, for which CBRE is also handling inquiries. The space is available for build-to-suits.
With 2,250 units in eight residential towers on 65 acres, plus retail, entertainment, a hotel and green space, Metropica is one of the biggest projects underway in the U.S. Its first residential tower is scheduled for completion in December.
Metropica is located at 1800 Northwest 136th Ave., on the northeast corner of Sunrise Boulevard, near several major highways.
According to CBRE’s Q2 Office MarketView report, the Sunrise/Sawgrass submarket currently encompasses more than 2.4M SF of office space. The average asking lease rate for Q2 was $21.59 per SF.
CBRE Senior Vice President Chris Gallagher said in a statement that office occupancy is at an all-time high and big companies have few options for quality space.
“Across the U.S., we are seeing the incredible impact and success similar mixed-use projects are having in their markets, such as Hudson Yards in New York City, Avalon in Alpharetta, Georgia, and Ballpark Village in St. Louis, Missouri. We know Metropica will transform Sunrise and West Broward County, and we are thrilled to be part of this ground-breaking project," CBRE First Vice President Carol Ellis-Cutler said.
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