The latest example of this type of leverage is a renewal and expansion by InSource Inc. at the Dadeland Towers South building, where it has had its headquarters since the early 1990s. The insurance and employee benefits agency will move from the second floor to the building's fourth floor, signing for 13,176 square feet, including a 1,000-square-foot expansion.

"This deal was kind of a poster child for this type of scenario," Bob Orban, senior vice president and local branch manager with Studley Inc., tells GlobeSt.com. He says the renewal between InSource and building owner AvMed Inc. had been going on for the past year and a half as the tenant considered possibly relocating to another office building.

Had InSource made a decision earlier while the office market was more robust, it would have likely stayed in its old space and paid rents closer to the Miami metro area's average of $30 per square foot, Orban says. But while the tenant weighed its options, AvMed lost another key tenant and the larger fourth-floor space became available.