Top 10 Office Leases in Miami for 2011

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Top 10 Leases in MiamiEveryone has wrapped up their analysis of 2011 and in office leasing, it wasn’t a bad year.   Although the big elephants (tenants over 30,000 sf) were fewer, we also saw almost 30 new companies enter Miami who leased 350,000 sf and created about 1,000 new jobs.  Interestingly enough, we are still seeing companies focus on shrinking their footprint by lowering their square footage to employee ratio.  This trend will soon be leveling out so don’t count on keeping that private office forever.

Tenant Sq Feet Submarket Transaction Type
World Fuels
Transportation
       125,000 Airport West Renewal
Preferred Care
Healthcare
         71,000 Kendall Relocation
Crispin Porter
Advertising agency
         69,000 Coconut Grove Renewal
HBO Latin America
Entertainment
         66,000 Coral Gables Relocation
Gibraltar Bank
Financial Services
         62,000 Coral Gables Relocation
Baptist Health Systems
Healthcare
         46,000 Coral Gables Relocation
Genovese Joblove & Battista
Law firm
         46,000 Downtown Renewal
Florida Career College
For-profit education
         45,000 Kendall Relocation
AON
Insurance
         37,000 Brickell Renewal
Amadeus
Information technology
         85,000 Airport West Relocation

Landlords are feeling optimistic and believe that as unemployment continues to decrease; their buildings will continue to fill up.  Many landlords have upgraded their common areas (hallways, bathrooms, lobbies, and elevators) so they look fresh and new (and more expensive).  As the market begins to transition from the tenant’s advantage to the landlord’s, why not have an expert guide you through the process.  Give me a call today or email me at esantos@sime2.com.

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