Top 10 Miami Leases for 2013

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top 10The top leases of 2013 show an even split between large tenants renewing or relocating.  This is interesting because it is proof that large tenants are still finding value in relocations, even if it’s just across the street.  It also shows that large blocks of inventory were still up for grabs in 2013.  Right now in Miami-Dade County, there are less than 40 office buildings with over 30,000 sf of contiguous space.  There are less than 20 buildings with over 50,000 sf of contiguous space and I have to say that some of the options are poor-quality buildings.  This limited inventory could generate a new wave of speculative office construction.

FedEx is staying at its long-time home in the Waterford/Blue Lagoon area where everyone can see their sign on the 836.  Law firms and banks were the most active groups in 2013.  Bupa Latin America is one of my landlord transactions this past year and this lease is a consolidation of their three locations into a single location.

Tenant

Sq Feet

Submarket Transaction Type
FedEx
Logistics/transportation

         73,000

Miami Airport

Renewal/
Expansion

Shutts & Bowen
Law Firm

         70,000

Downtown

Relocation

Royal Bank of Canada
Financial Services

         65,009

Brickell

Renewal

Northern Trust Bank
Financial Services

         62,000

Brickell

Relocation

Total Bank
Financial Services

         60,000

Downtown

Relocation

Bupa Latin America
Health Insurance

         59,600

Kendall

Relocation

Starboard Cruise Services
Duty-free Merchandise

         58,000

Doral

Renewal/
Expansion

White & Case
Law Firm

         57,954

Downtown

Renewal

Fowler White Burnett
Law Firm

         45,000

Brickell

Renewal

West Coast University
For Profit University

         40,000

Doral

New

2014 is anticipated to be a year of continued strong leasing activity.  If your lease is expiring in 2014, you need to begin planning your course of action immediately.  The good buildings are experiencing strong leasing activity and the inventory of space continues to shrink.  Please call me so we can discuss the appropriate strategy for you.

Next week I am attending a luncheon that features a widely-noted real estate economist who will provide us with his 2014 forecast.  I always enjoy Hugh Kelly and find his analysis to be entertaining and accurate.  My next posting will include his insights and I’ll be checking to see how he did on his 2013 predictions.

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