Everyone 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 [email protected].
