MIAMI—Doral is hot, hot and hot. In the last two months alone, Doral Concourse has leased about 40,000 square feet of office space.
Cushman & Wakefield director Gordon Messinger, representing the owner, secured leases with Infinity Insurance, Health Benefits Center (HBC), and Pipeline Workspaces. The class A office building located at 8400 Doral Boulevard in Doral, Florida.
After inking a 7,000-square-foot expansion and long-term extension, Infinity now occupies nearly 20,000 square feet of office space at Doral Concourse. Infinity plans to add 20 new jobs from its Doral location. Meanwhile, HBC, a health insurance brokerage, opened its third South Florida location at Doral Concourse and Pipeline inked a deal for 13,000 square feet for its coworking office space.
These two deals came on the heels of Messinger inking a 13,000-square-foot lease with Pipeline Workspaces in July. Pipeline Workspaces, which has a presence in both South Florida and Philadelphia, houses innovative and functional workspaces for entrepreneurs, start-ups, independent professionals, and small businesses.
“We're witnessing tremendous interest in the Doral office market,” Messinger, who says this flurry of activity has become the new norm in Doral, tells GlobeSt.com. “It's one of the hottest markets in South Florida. Leasing velocity has been exceptional and demand remains steady.”
Doral Concourse is a six-story, 240,950-square-foot office building with a tenant roster that includes Humana, Marriott, General Mills, and Starboard Cruise Services. Ownership will soon begin a capital improvement program. The building is located in the heart of Doral, just minutes from Miami International Airport and Downtown Miami.
“Airport West Class A vacancy rate totaled 7.4% at mid-year 2015, a significant 2.7 percentage-point drop from 10.1 percent year-over-year,” wrote CushWake senior research analyst Mirta DeCespedes in the firm's 2Q 2015 Miami Office Snapshot Marketbeat report. “Rental rates also climbed … Airport West Class A properties increased 6.1% from $29.23 to $31.00 year-over-year.”
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