So last week I wrote about the statistics on the Miami office market and covered unemployment, vacancy and rental rates. There was another statistic that stood out to me and warranted its own article — the average size of tenants.
The national report by Costar, our industry equivalent to the MLS, revealed an interesting breakdown:
- 55.4% of tenants are below 2,500 SF
- 18.7% of tenants are between 2,500 SF and 5,000 SF
Miami follows this national trend because Miami is mainly driven by small businesses. We are lucky to have more than our fair share of large multi-national companies, but the tenants less than 5,000 SF are the heart of the Miami office market.
Oftentimes I have tenants ask me if I handle leases below 10,000 SF and the answer is a definitive YES. With 74% of tenants below 5,000 SF, it makes good business sense. Typically I work with companies that have 15 or more employees in their Miami location, but I also work with smaller companies on occasion.
Real estate costs are the second biggest expense for most companies, so it makes sense to utilize my expertise as your lease approaches expiration. You’ll be able to gain an understanding of your current rent compared to others, so any decision you make is an informed one. Give me a call so I can help you with your upcoming lease transaction. Remember – the landlord pays for my commission so why not take advantage of my expertise?