Miami Commercial Real Estate Properties In The Brickell District Find Increasing Number Of Tenants

22 February 2012

Over a span of the last two years, there had been more than 2 million square feet of what had been newly developed Miami commercial real estate properties intended for office space that had been on the market just waiting to taken off amidst the economic downtown.

But due to the fact that commercial real estate markets are currently being driven by the favorable conditions that they offered tenants from all over the world, the office spaces had become rapidly absorbed and had left quite a positive influence on many other parts of the city as well as the region in general.

The same positive trend had happened during the third quarter of 2011 as there had been numerous new tenants moving in on the region and taking on their own Miami commercial real estate properties within areas such as the financial district, Brickell.

At the rate things are going on the market, it seems to many that there is a possibility that it has reached the point of bottoming out and that the overall recovery which an agreeable number of people have been considered to be slow is still underway.

According to reports gathered during the fourth quarter of 2011, there had even been an absorption rate of 44,744 square feet on the Miami commercial real estate market with regards to office space which means that things were definitely starting to shape up in line with what people had hoped to see take place for the region.

While the vacancy may have gone down by approximately 70 percent compared to numbers gathered from the previous year, having ended the year with a vacancy of 19.1 percent, people are expecting that there could definitely be more good things taking place on the Miami commercial real estate market in the upcoming months as the region is expecting to find 360,000 square feet more of commercial real estate space which is currently under construction.

In fact, one development project which had opened in Brickell during the second quarter of 2010 has managed to achieve 77 percent occupancy and could very well reach 81 percent as there have been a number of deals that are in their negotiation stages which are most likely to push through. Many of the tenants which had become drawn to the Miami commercial real estate properties offered at the development had been law-related firms, one of which had been the tenant to take up a lease on an 80,000 square foot office space.

Joan Vonnegut
Miami Commercial Real Estate