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.
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