As I stood on the balcony of some friends' Brickell Key condo, the scene was lively, diverse, and rising. Of course, this new life is relative.
Related's ICON Brickell Condos I II and III sat to my left. These building all have substantial work completed. And it looks beautiful. But can anyone actually close?
Most striking of all was how active Biscayne Boulevard looked. The cars turned right after the Brickell Bridge, drove down past the new Manny's Steakhouse, and then drove up a very large but active Biscayne boulevard toward the American Airlines Center.
The port, the lights all around, and the cooler air from the bay made for a graet exerience. I do see an appeal to live downtown. Just not as compared to Miami Beach.
Sunday, July 20, 2008
Tuesday, July 15, 2008
Downtown Miami - New Office Construction Update
Almost 2 M square feet of office space are under construction in the downtown Miami CBD. The bulk of this new construction is from three new office Class A office towers. All are scheduled for delivery in early 2010.
On Brickell Avenue, 1450 Brickell and Brickell Financial Center are rising rapidly. These two Class A towers will add to the growing skyline and bring much needed new office space to the market. Over the past 12 months, the office market has been very strong. Vacancy rates are at historic lows and rental rates at historic highs.
In Downtown Miami, Met 2 is being developed as the office component of the multi-use project called Metropolitan Miami. In addition to the office office tower, the Met 2 building will also include an upscale Marriott brand, the Miami Met Marquis. The overall project will also contain residential towers, a Whole Foods Market, and additional retail.
To date, just two office deals have been signed. Brickell Financial Center was the first building to sign a lead tenant - Bilzen Sumberg. Met 2 just announced last week that they had signed a deal to relocate Greenburg Traurig from Brickell Avenue.
Looking ahead, there are few remaining large tenants with near term expirations that could be considered a lead tenant. International law firm Hunton & Williams, led locally by Managing Partner Marty Steinberg, is among that select few. Currently located in Mellon Financial Center at 1111 Brickell, Hunton & Williams is clearly the best situated tenant remaining in the market.
On Brickell Avenue, 1450 Brickell and Brickell Financial Center are rising rapidly. These two Class A towers will add to the growing skyline and bring much needed new office space to the market. Over the past 12 months, the office market has been very strong. Vacancy rates are at historic lows and rental rates at historic highs.
In Downtown Miami, Met 2 is being developed as the office component of the multi-use project called Metropolitan Miami. In addition to the office office tower, the Met 2 building will also include an upscale Marriott brand, the Miami Met Marquis. The overall project will also contain residential towers, a Whole Foods Market, and additional retail.
To date, just two office deals have been signed. Brickell Financial Center was the first building to sign a lead tenant - Bilzen Sumberg. Met 2 just announced last week that they had signed a deal to relocate Greenburg Traurig from Brickell Avenue.
Looking ahead, there are few remaining large tenants with near term expirations that could be considered a lead tenant. International law firm Hunton & Williams, led locally by Managing Partner Marty Steinberg, is among that select few. Currently located in Mellon Financial Center at 1111 Brickell, Hunton & Williams is clearly the best situated tenant remaining in the market.
Sunday, July 13, 2008
World City Rising
The wave of new buildings has begun and the skyline of Miami will be forever changed.
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