The market in general continues to be flat. Most of the lease transactions are renewals and we are seeing very few new companies moving into Miami. Those that are moving into Miami are modest in size. Expansions are equally modest if at all.
Tenants are continuing to be savvy and if they elect to move, they are headed to the nicest building they can afford. Many landlords are continuing to quietly provide generous packages of both free rent and tenant improvements.
The statistics show a lackluster year for the Miami Airport submarket. Although Class A absorption for 2Q is almost 48,000 sf, the Class B and C product had 38,000 sf of negative absorption.
Coral Gables, although a smaller submarket, has slowly been recovering. It’s vacancy peaked in 2008. Once 396 Alhambra is completed at the end of this year, it will add another 172,000 sf (3%) of Class A space to Coral Gables’ inventory.
Every lease transaction that I am involved in has unique elements to be considered during the process. I offer my clients thoughtful, strategic guidance during this process. Call me today so we can discuss your situation.