Thursday’s Office market Quick-Take Stats on the Miami Airport Office Market by Blue Box Real Estate
Though the Miami Airport Office Market sustained only a 1.7% rent growth in the past 12 months, Class A rents are holding at record levels averaging $35.21/SF, though premium Class A space is now priced at $40/SF.
Class A tenants still have space options with vacancy rates at 16.1%. Major vacancies can be found at 800 Waterford and Centrum Doral. In the most significant deal of the year, Lennar Corp., leased 156,000 SF at 5505 Blue Lagoon Drive, the former Burger King building. Lennar Corp., will create a new vacancy at 700 NW 107th Avenue.
No significant sales have taken place in the market since the sale of The Landings for $206 million in 2018. However expect an active early start to 2020 as major office projects are currently on the market for sale including Centrum Doral, Dolphin Commerce Center, and Waterford at Blue Lagoon.
For a complete report on the Miami Airport Office Market, contact us at info@blueboxre.com.