Quick-Take on Brickell Avenue Office Market YTD 2019 by Blue Box Real Estate.

Brickell rental rates are at all-time highs where Class A space is now $56.27/SF.  Seven of the fourteen Class A properties on Brickell Avenue are quoting $60/SF or higher.  Class B rates inched upward to $38.01 or a savings of 48% compared with Class A. 

The majority (91%) of the available Class A space on Brickell Avenue is under 10,000 SF with only 6 spaces above 20,000 SF available.  The top three leases this year go to co-working providers: 1) WeWork leased 130,000 SF at the under construction 830 Brickell Plaza, 2) Spaces leased 49,000 SF at 801 Brickell Avenue, and 3) Industrious signed for 46,000 SF at 1111 Brickell Avenue.

New supply is on the way with the 533,268 square foot 830 Brickell Plaza currently under construction with a 2021 delivery date.  The aforementioned WeWork will anchor 25% of the building.