New Offfice Towers Disappearing?
New office towers will be rare in parts of South Florida—especially Brickell—with any office space there instead being folded into mixed-used projects.
Rents in Class-A spaces are approaching $60/SF in Brickell, JLL managing director of capital markets Jeff Morris says, adding that he doesn't see traditional office space being developed there in the future, but rather only as part of mixed-use going forward. That was one of the predictions made at the company's inaugural Pulse360 event, a panel discussion held recently at the InterContinental Miami to a group of invitation-only attendees. “I don’t think we will see new office space in Brickell until probably Phase 2 of Brickell City Centre,” which Jeff said will probably happen around 2019.
Nitin Motwani, principal and managing director of Miami Worldcenter, talked about Miami’s retail appeal. “International retailers are looking to open new locations in Miami,” he says, including global restaurant brands like Cipriani and Zuma, which are enjoying success here. He added that Miami Worldcenter will be a pedestrian-friendly project with big sidewalks, public parks and restaurants that flow onto the sidewalks—exactly the kind of amenities that shoppers want now. The event brought together institutional property owners, lenders, developers and brokers.
