Office Market Quick-Take Stats on the Kendall Office Market by Blue Box Real Estate.
Despite the fact that occupancy rates for Class A space remained unchanged since the start of the year, Class A rental rates in the Kendall Office Market are up 7.8% to $40.63 per square foot. Class B rental rates remain just below the $30 thresh hold affording office tenants a 37% savings in rent cost.
New supply is on the way with the 129,307 SF MedSquare Health medical office building on SW 87th Avenue, set to hit the market in 2020. Nearly 500,000 square feet of new developments have been announced including the 190,000 SF office project known as SoMi Station set to break ground this year.
On the capital markets front, the 43,736 SF Galloway Plaza sold for $11.3 million or $295/SF.
