Miami office tightens as demand targets quality space
Miami’s office market continues to attract new occupiers, while expansions by established tenants are adding another layer of demand. Quarterly leasing totaled 1.1 million square feet (msf), with Airport West capturing 28.0% of activity, followed by Brickell at 25.2%, Coral Gables at 16.2% and Downtown at 12.0%. The distribution reflects an increasingly segmented demand base as occupiers prioritize different combinations of quality, location, access and cost. Google’s expansion at 1450 Brickell from approximately 10,000 square feet (sf) to 45,000 sf highlights growth among established tenants, while Brevan Howard’s first Miami office in Coconut Grove illustrates continued new-to-market demand.
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