Thursday’s Office market Quick-Take Stats on the Downtown Office Market by Blue Box Real Estate.

The Downtown Miami Office Market saw very little change this quarter as year over year rental rates increased only 1.4% Class A vacancy is slightly down to 1% since the start of the year to 21.06% which is the highest Class A vacancy in Miami.

Downtown Miami Class A rental rates average $10.51/SF below Brickell Avenue for a 23% savings. The largest lease signing of note was by the much embattled WeWork who leased 89,307 SF at Southeast Financial.

Bridge Investment Group purchased the 259,666 SF Museum Tower located at 150 W. Flagler Street for $64.58 million or $265.58/SF. Bridge announced major renovations with the purchase of the Class A tower.

For a complete report on the Downtown Miami Office Market, contact us at info@blueboxre.com.

Blue Box Real Estate is a South Florida commercial real estate firm that specializes in Landlord Advisory Services and Tenant Advisory Services. Find us at www.blueboxre.com.