Terminated Lease Brings Flood of Space to Forefront

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-After the Foram Group’s Brickell Financial Center lost its anchor tenant, the law firm of Bilzin Sumberg Baena Price & Axelrod LLP, last week, the reality of the flood of unleased office space about to be delivered to the local market came to the forefront. Two of the three class A projects coming on to the market by mid-2010 do not have any tenants signed to date, and local experts say Downtown Miami will be flooded with available space when development is complete, but remain confident the new space will eventually be absorbed in the growing city.

Neither Foram Group nor Bilzin Sumberg would comment on the mutual release agreement for the 115,000-square-foot, 10-year lease at Brickell Financial Center, but Foram Group CEO Loretta Cockrum says the building is still expected to be delivered on schedule. “We have approximately, 320,000 square feet of prospects with several having signed letters of intent within the past 10 days and several more are expected to sign letters of intent within the next couple weeks,” she tells GlobeSt.com.