Thursday’s Office Market Quick-Take Stats on the Coral Gables Office Market by Blue Box Real Estate.
Rental rates continue an upward trend as new construction and recent sales push rental rates to all-time highs. Class A rental rates increased to $48.91 per square foot and Class B rates increased 4% this quarter to $37.10 per square foot.
New supply is on the way with the Plaza Coral Gables project scheduled to deliver 291,267 square feet in 2020. BAC Florida Bank announced it will relocate its headquarters from 169 Miracle Mile and take 63,000 SF at the Plaza Coral Gables, giving the new project it’s first tenant.
Already in 2019, two major Class A projects traded: the 15-story, 146,202 square foot 2800 Ponce sold for $60 million or $410 per square foot, and the 16-story 162,293 SF 550 Biltmore Way sold $54.4 million or $336 per square foot. Another recent sale was the 60,000 SF 475 Biltmore Way building which traded for $316/SF to a shared medical office ownership group.
The capital markets front will remain active in Coral Gables as major buildings are currently on the market including Columbus Center, Douglas Entrance and 999 Ponce de Leon Boulevard.
For a complete report on the Coral Gables Office Market, contact us at info@blueboxre.com. hashtag#blueboxrealestate