10 Million SF of Miami Office Space Empty?

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My company, CB Richard Ellis, just released the second quarter stats for Miami-Dade and for the 10th straight quarter, vacancy has continued to increase. That was not a surprise. Miami has almost 18% vacancy in office buildings. The more interesting number is “Total Availability”. This includes vacant space, subleases, office condos for rent, space that will become vacant in the near future. That number is 24% — a staggering 10.5 million sf of office space. To put that 10.5 million sf in perspective, imagine having every office building in Doral and the Blue Lagoon/Waterford area EMPTY.

Landlords are under tremendous pressure these days. Many have a lender worried about its investment in the property plus the cash flows are dropping so there is less capital available for repairs, improvements and the occupancy costs associated with leasing space. Tenants have realized that the cycle has shifted to their favor and are clamoring for relief. They are being hit from all directions, so if your landlord is a bit short and snappy with you, there is a good reason.

When dealing with landlords today, smart tenants are using a tenant rep – a commercial real estate broker focused on representing only tenants. A good tenant rep knows the landlord, recent lease transactions, available space and a host of other helpful information that makes it easier for you to make an informed decision. That’s what I do – I help my clients make informed real estate decisions, so contact me for a free lease analysis.

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