Office Towers Dangle Upgrades, Discounts

(This story, in slightly different form, originally appeared in ALM’s Daily Business Review.)

MIAMI-Landlords of existing local office buildings are going on the offensive. Faced with a glut of new space and the continuing effects of the recession, managers and owners of buildings in the Downtown and Brickell financial districts are scrambling to maintain occupancy levels by fast-tracking building upgrades and offering more generous rental deals.

More than 1.2 million square feet of space are on the way. The Rilea Group’s 576,379-square-foot 1450 Brickell project is to be completed in the first quarter of 2010, while MDM Development plans an April 2010 completion for the 750,000-square-foot Met 2 Financial Center project.